First Five Banks to Welcome Cryptocurrency with Open Arms
Amid the constant opposition from central banks and governments that cryptocurrency had to face, there are some massive exceptions who defied all odds. This blog mentions some of the prominent banks that not only favoured digital currency profusely but are also currently working to expedite the transition. These banks are:
When it comes to the adoption of digital currencies, Barclays is considered as one of the early adopters of the dynamic transformation that the financial world witnessed. The trailblazer bank enabled its opportunistic customers to execute cryptocurrency in a regulated manner.
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Providing them with a sense of security, the bank paved the way for interested parties to purchase cryptocurrencies easily with Barclay’s debit and credit cards. However, there are some general instructions and conditions that customers are required to adhere to, but it has been established to protect customers from malpractices.
The bank created an entirely new financial ecosystem of digital assets and addresses complex concepts precisely. Making the payment system as efficient as it can possibly be to attract universal participation is one of the inherent objectives that Barclays has been working aggressively for. Innovation has a lot to do with financial institutions and Fintech companies as the unprecedented benefits that it is capable of ushering in is unfathomable at times. You can also learn how to trade crypto by visiting the official website of https://bitcoinrevolution-dk.com/ .
Specifically developed to cater to the subtle requirements of US customers, Ally Bank is very much alive in the race to ace the pace of financial technology. It is quite determined to blend cryptocurrency with traditional banking which is no surprise as the sole purpose for its existence is to do that.
The bank operates under US Laws and also administers the activities of a number of bitcoin exchanges that have performed incredibly well in recent years. Coinbase is one such example and the bank also permits its customers to avail of benefits derived from bitcoin by facilitating them with Ally cards (Debit and Credit Cards). Customers can make crypto purchases seamlessly with supreme security shielding each of their transactions. You can easily get a brokerage account if you intend to do trading in Bitcoin.
National Bank of Canada
This bank continues to have a cordial relationship with crypto companies and has emerged as the 6th largest bank in Canada. The Montreal-based bank has been able to garner over 2.4 million users and clients over the years. It outshines other domestic banks in terms of its affiliation with the crypto industry and stands among very few banks that support cryptocurrency. Considered as the hub of digital currencies and fintech, the bank understands the pros and cons of electronic payments and digital currencies quite well.
Understanding the concept of distributed ledger is yet another important aspect that the bank keeps its close attention to. The introduction of CBDC (Central Bank Digital Currency) is also being worked upon as the bank continues to take its research several notches higher. The overall regulatory framework supports the blockchain technology-based cryptocurrency, however, the risks associated with it are never taken for granted.
Starting its early days as an unlicensed financial institution, this United Kingdom-based bank has come a long way to establish itself in the digital finance ecosystem. It has over 2 million users or customers that leverage a decent amount of freedom to execute cryptocurrency transactions.
The bank caters to the overall population of the United Kingdom as well as Europe who can carry out cryptocurrency transactions using their respective bank accounts. Cryptocurrency transactions can be made irrespective of the type of account the user owns i.e., metal, premium, or standard. EEA (European Economic Area) customers can also gain access to such transactions in real-time.
Standard Chartered Bank
It became the first bank to have joined GDF (Global Digital Finance) which is a collaboration of firms that work in unison to augment the methods of custody. In addition to this, they also work towards seamless settlement of transactions and brokerage in the digital finance ecosystem of cryptocurrency. The recent surge in the overall investment in cryptocurrency from Standard Chartered Bank reflects the bank’s inclination towards the crypto industry. A total investment of $380 million has been made in blockchain networks such as Ripple which recently became the 6th largest cryptocurrency in terms of market value.