8 Most Crypto-Friendly Banks In The World

Revolut just launched in 2020, but it is now a leading bank in both the UK and Europe. Asides from being a leading bank in the traditional sense, it’s one of the biggest crypto banks in the world.  

Revolut is one of the few financial institutions that provide direct access for users who would like to purchase crypto from their bank account. Users can simply download the Revolut app, and purchase Bitcoin directly from it. The bank’s customers can also set up an automatic buy order that purchases crypto once certain market conditions are met. 

Users can complete an off-chain transaction of cryptocurency to another customer on the app. Customers of the bank who live in eligible locations can also use their credit cards to settle bills with crypto. The app will automatically convert the crypto balance in the app into fiat, and use it to make the payment. 

Asides from allowing people to purchase crypto and use them to settle crypto transactions, Revolut also offers a staking service on selected crypto assets. The bank uses third-party validators to provide this service, and the list of potential third-party validators can be found on the app. 

Despite validators staking assets for users, these assets aren’t transferred to the validators. They remain in the bank’s custody, so there’s no risk of the assets being stolen. 

While the bank offers a lot of crypto-friendly benefits and banking services, the bank has its downsides as well. One such downside is that the bank charges a statutory transaction fee of 2.5% on all payments involving digital assets. The transaction fee climbs up to 3.5% if the transaction exceeds £1,000. 

However, these fees can be reduced by upgrading the account in question to a metal or premium classification. But that will cost about £7 or £13.

The app may also ask users to cover the staking fees on certain networks. Asides from all this, the bank has announced plans to launch a native coin of its own called RevCoin. 

This bank tops this list because it offers a more expansive cryptocurrency product suite than any other bank.  

Pros

• The bank allows users to own savings accounts that they can use for crypto payments.
• The bank provides staking services.

Cons

• The bank charges a high percentage on each transaction.