Several traditional banks are still hesitant to utilise cryptocurrencies up to this day, even though the world of cryptocurrency is constantly developing and gaining popularity. Cryptocurrencies have been around for over a decade. They use the elegance of mathematics to enable virtually instantaneous and low-cost value transfer between two parties without the use of a trusted third party.
According to some experts, the crypto boom and worries that Bitcoin (or other cryptocurrencies) might become a worldwide payment system have prompted central banks to act.
The most well-known example of an emerging technological network with the potential to enhance banking is Bitcoin. It is a cryptocurrency, which is a new form of financial instrument that allows for decentralised, safe money storage and transfer through the Internet. If you are interested in Bitcoin investment, you can try this Bitcoin trading platform!
But lately, despite the above mentioned concerns, many banks have already opened their doors to people who are using cryptocurrency. For example, as reported by CNBC last May, clients of select U.S. banks will soon be able to buy, hold, and trade Bitcoin using their current accounts for the first time.
Here is the list of five of the well-known crypto-friendly banks worldwide:
The National Bank of Canada
One of North America’s largest Bitcoin-friendly institutions is the National Bank of Canada. Customers may buy bitcoin using credit cards since they have strong ties with cryptocurrency exchanges. They have a large number of customers because of their crypto-friendly policies.
On the other hand, cryptocurrency transactions are rigorously regulated by the National Bank of Canada. They do not want to restrict their customers’ actions, but they do want to keep the company out of harm’s way.
Last May 2021, Singapore’s DBS Bank launched its first-ever security token offering using blockchain technology for potential investors. Security token offers are valued at $15 million, while digital bonds are valued at $11 million. The DBS Digital Exchange’s asset tokenisation, or DDEx, uses blockchain technology to deal with the most valuable assets.
DBS Trustee, the bank’s completely owned, regulated trust firm, is providing its clients with the option to invest in and manage up to four assets. Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Ripple (XRP) are among the currencies available on the bank’s digital asset market, which opened late last year. The Singapore dollar, Hong Kong dollar, US dollar, and Japanese yen are the fiat trading pairings on the exchange.
In 2019, JP Morgan, one of the world’s most reputable banks, began trading bitcoin between two parties through a blockchain. Testing a prototype cryptocurrency known as JPM coin for transmitting international B2B payments, proved successful.
Customers may transmit money to another bank through blockchain and quickly redeem the same amount in US dollars, with one JPM token representing one US dollar. JP Morgan has a long-term goal to expand the JPM coin to other currencies.
Wirex Crypto Bank
Wirex is a crypto-friendly banking service headquartered in the United Kingdom that allows users to purchase and sell cryptocurrency. Wirex provides a variety of advantages to its consumers, including a 0.5% refund in Bitcoin. They also provide you with a physical debit card that is connected to your account.
A Wirex account also allows you to buy, store, and manage a variety of cryptos, including Bitcoin (BTC), Litecoin (LTC), Ripple (XRP), and Ethereum (ETH), as well as convert to fiat currencies such as US dollar, EUR, and GBP.
Signature Bank, a well-known US bank, started blockchain-based payments in 2018 after receiving clearance from New York regulators. Customers may transfer dollar payments in real-time with no transaction fees, thanks to the updated cryptocurrency system.
However, one of the requirements for using blockchain to safeguard payments is that these business clients have at least US$250,000 in their accounts. Signature Bank’s cryptocurrency payment network ran on the Ethereum blockchain and used a stablecoin tied to the dollar.
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