Since we initially published this article in 2021, numerous changes have occurred within the DeFi space, as well as in the realm of traditional banking. Some of the banks we previously identified as crypto-friendly in 2021 no longer exist. Therefore, we present here an updated list of the best banks for crypto companies that we have researched based on our internal experience.
It's important to note that regulations and banking relationships within the cryptocurrency industry are continually evolving, with many banks increasing their KYC (Know Your Customer) and onboarding requirements for companies operating in this space. Before proceeding, it's essential to recognize that many of the institutions listed here are not full-fledged traditional banks. They may not offer services such as credit, loans, and other traditional offerings commonly associated with high-street banks.
Consider this updated list as a checklist rather than an exhaustive list of possibilities to investigate what best aligns with your specific needs and requirements.
1. REVOLUT
Having worked with Revolut, a UK-based Financial Technology (FinTech) company it's worth a mention. Opening the account takes time to complete KYC, but once done, it offers a range of financial services through its user-friendly mobile app and website. While not a traditional bank, Revolut provides features akin to conventional banking institutions. These services include multi-currency accounts, competitive currency exchange rates, debit cards for everyday spending, and a mobile app that enables users to manage their finances efficiently.
Revolut works with major exchanges such as Coinbase and have really good customer support teams for corporate bank accounts. They resolve queries fast and genuinely make an effort to solve issues.
2. XACE
Xace was identified a crypto-friendly institution in our 2021 edition and we've kept them on this list as there are a fair few websites that refer to the fact that they are open to reviewing companies that operate in the sector for corporate accounts. Note that Xace is a Small Payment Institution (and EMD Agent of Modulr FS Ltd) and not a traditional bank, however they offer corporate accounts with virtual IBANS. For ease, you require an IBAN to accept money into the account or to send payments.
3. CASHAA
Cashaa is not a traditional bank; it is a financial technology (FinTech) company that offers banking and cryptocurrency-related services. Their website identifies as crypto friendly bank account for your business, so there you have it!
With Cashaa you can set up multi currency wallets with 3rd party payments. Cashaa offers an online platform for onboarding, however we've only completed the first level of client support for Cashaa's KYC process. The part completed was straight forward.
4. BCB Group
BCB Group stands as a prominent global provider of business accounts and trading solutions tailored for the digital asset sector. They operate under regulatory oversight in both the UK and Switzerland. With the collapse of other larger instituions serving this sector, we understand that BCB has had unprecendented demand for their services.
BCB's support team were helpful and answered all essential queries during onboarding.We've supported clients with onboarding to BCB and can advise on essential preparation if required for companies looking to use their services.
5. SEBA Bank
Another one to consider is Swiss based SEBA Bank that offers services between digital and traditional assets. Through its services, customers can effortlessly safeguard, trade, and oversee a wide spectrum of assets, encompassing cryptocurrencies, digital assets, and traditional securities, all within a unified platform. We have no direct onboarding experience with SEBA.
Updates for other banks mentioned in our 2021 article
FIDOR BANK
Update: Fidor bank's webiste mentions that they will discontinue its banking business this year. They exited the UK market in 2021.
SIGNATURE BANK
Widely regarded as one of the staunchest supporters of the industry, Signature collapsed in 2022.
SILVERGATE
Silvergate Bank has played a pivotal role as one of the primary banking institutions for cryptocurrency companies, alongside Signature Bank based in New York. They liquidated in Q1 of 2023.
How does Evalua8 assist clients in the process of opening corporate accounts?
Evalua8 operates independently, with no affiliations to specific banks or payment institutions. Our role is to aid clients in preparing all the required information and documentation necessary for the onboarding process.
Over the past three years, we have successfully supported clients with close to 20 exchange onboardings and KYC procedures. This hands-on experience has allowed us to gain insights into the most efficient and expedited methods for completing these processes.
For further information, please don't hesitate to reach out to us via our contact page.
Source and notes
All pictures used in the article are from pexels.com and allowed for commercial use under a creative common license
The article is only for information purposes. Please do your own research or reach out to professionals for further guidance