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Banks for Cryptocurrency Enthusiasts Part I: Simple, Ally, and LHV Bank

Jan 27, 2020 | Fintech

Finding a bank that officially supports cryptocurrency activity is difficult. While most institutions don’t cause problems, it all depends on one’s region. The following service providers all seem friendly toward Bitcoin, albeit that situation can always change. 

Simple Bank (USA)

Online banks are a hot commodity globally. It is part of a broad fintech initiative to transform financial services. Simple Bank, an American online bank, provides a variety of services to its customers. It also offers full FDIC insurance, which always helps put clients’ minds at  ease.

In terms of cryptocurrency, there is some built-in support. Clients can directly purchase Bitcoin through the bank’s system. Whether more services will be added over time, remains to be determined.  The company isn’t openly advertising this functionality either. That may be due to a lack of Bitcoin regulation in the US at this time. 

Clients of Simple Bank can also access more traditional services. Spending metrics, interest rates, savings accounts, and checking accounts are all accessible. There is also free access to a debit card linked to one’s bank information. 

Ally (USA)

Albeit it not a big name, Ally is certainly a financial institution with potential. This online bank is also targeting cryptocurrency enthusiasts. Primarily its integration with Coinbase is of great appeal to American users. This makes it easier to buy and sell crypto assets. 

Similar to Simple Bank, Ally is FDIC insured. Its banking platform caters to the younger crowd. The bank offers a mobile app to access all core services. Additionally, Ally’s ATM network spans over 55,000 ATMs. Withdrawing money from these teller machines is free of charge. 

Given the ease of access, Ally is a great addition to the cryptocurrency ecosystem. It streamlines the process of buying and selling assets. While “linked” to Coinbase, it works just fine with other exchanges and brokers as well. 

LHV Bank (Estonia)

In terms of the modern age, Estonia is well ahead of other European countries. It provides e-residency, and some of its banks are open-minded as well.  LHV Bank openly welcomes cryptocurrency users, and also has a working relationship with Coinbase.

As such, buying and selling crypto assets is a breeze. Considering how LHV Bank welcomes customers from European member states, it can be of great value to the right people. Besides cryptocurrency support, the bank also offers all of the traditional products and services. 

Images courtesy of their respective sources.

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<a href="https://fintoism.com/author/oglock/" target="_self">JP Buntinx</a>

JP Buntinx

JP Buntinx is passionate about cryptocurrencies, fintech, blockchain, and finance. He currently resides in Belgium.

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