So, where can you turn to if you’re gonna wanna safeguard your digital assets?
Many crypto-friendly banks are ready to welcome your digital assets with open arms.
What Are Crypto-Friendly Banks?
This is because they enable their customers to make monetary transactions using cryptocurrency tokens and fiat currency.
These banks' crypto section functions quite differently from the non-crypto one, which is based on decentralized cryptocurrencies.
This means the tokens are not under complete regulation or control by a centralized body like the government.
The management of crypto-friendly banks and their customers stand to gain from adopting cryptocurrency in their operations.
Crypto-friendly banks make it easy for you to move money from tokens to fiat or vice versa.
This is because crypto-friendly banks constantly maintain the independence of their customer’s crypto and conventional bank account types.
Here are three reasons you should care about crypto-friendly banks:
1.
Only it’s possible for you to choose who has access to such private and personal information.
Fewer Transaction Fees
Every time you make fiat transfers with traditional banks, they charge you a service fee.
This affects your account because the bank deducts the service fee from your balance with every transaction.
The amount paid for transfers is less if you use cryptocurrencies at crypto-friendly banks.
These banks offer lower transaction fees when transferring between crypto wallets and fiat.
Occasionally, some banks charge their customers a maintenance fee to keep their registered bank accounts.
This fee is waived if you use a bank that supports crypto wallets because the blockchain is self-maintaining.
This allows you to transact with your wallet and keep track of your financial records at any time.
Customers can swiftly report any errors they notice in their accounts to their bank and get things straight.
It is an API-based Neo-banking platform.
Ally Bank
Ally Bankis an online crypto-friendly bank based in the United States.
This bank allows customers to buy and sell cryptocurrency using Coinbase.
It will enable you to use credit to buy Bitcoin and other cryptocurrencies through exchanges.
it’s possible for you to manage several accounts from various financial institutions with a USAA account.
Here are the top two risks involved in using crypto-friendly banks:
1.
This poses a threat to the funds of people using cryptocurrency on banking platforms.
Here are five factors to look out for when choosing a crypto-friendly bank:
Crypto Banks vs.
Traditional Banks
Crypto-friendly banks offer many rewards and give their customers a chance to grow their financial portfolios.
This has put the newly-introduced technology on the path to being a global standard in financial institutions.
