Although cryptocurrencies have made a place for themselves in the world of finance, many banks are still cautious about them. Some banks are very restrictive to the point of sometimes preventing their customers from buying Bitcoin or other cryptocurrencies. Here are 6 crypto-friendly banks that have proven their openness to digital assets.
Crypto-friendly banks: a necessity
Some banks simply prevent their customers from making transfers to accounts affiliated with cryptocurrency exchange platforms. This creates regrettable situations, where the individual cannot dispose of his own money as he wishes.
Worse still, in some cases, of banks decide to close the accounts of their customers who try to buy cryptocurrencies. Many are therefore looking for a bank that does not have a restrictive policy towards cryptocurrencies. A bank that is therefore designated as “crypto-friendly”.
Some banks are particularly open to crypto-assets, including Revolut and N26, neo-banks that allow anyone to buy cryptocurrencies, under certain conditions.
To follow the evolution of banks’ view of cryptocurrencies, our colleagues at Bitcoin.fr organize a survey for their community every year. Part of the content of this article is therefore based on the results of this survey (the last of which dates from January 2023).
At the same time, the actions of banks and the words of their leaders are also taken into account (both positive and negative against the cryptocurrency industry).
Here is a non-exhaustive list of 6 banks deemed to be crypto-friendly in France and Europe.
Revolut
Pioneer in the adoption of cryptocurrencies, UK neo-bank Revolut isn’t just crypto-friendlysince it also allows you to buy and sell a multitude of cryptocurrencies directly, without going through an intermediary.
Revolut: more than 90 coins available
Buy crypto from 1€
Moreover, Revolut users can also stake their cryptocurrency to generate passive income. Everything is also done so that everyone can learn the basics of cryptocurrencies and the blockchain. Through short quizzes, it is even possible to earn cryptocurrencies while learning.
All of these features are already available to French Revolut customers. Moreover, Revolut arrives at 3rd position in the ranking of crypto-friendly banks from Bitcoin.fr, with a satisfaction rate of 67%.
N26
German neo-bank, N26 follows in the footsteps of Revolut when it comes to cryptocurrenciesalthough products related to these are still very limited.
As of this writing, only Austrian N26 customers have the ability to buy, sell, and store cryptocurrency from their bank. This is due to a white label partnership with Bitpanda, an Austrian platform.
Despite the fact that the neo-bank’s crypto products are not yet available to French residents, N26 arrives at the 1st position in the ranking of crypto-friendly banks from bitcoin.fr, with a satisfaction rate of 91%.
In effect, N26 is very open about cryptocurrenciesand according to numerous testimonies, has never stopped its clients from investing in this asset class.
Please note, a number of testimonies report that N26 would close accounts without clear explanations. However, this is not exclusive to N26, other banks have similar practices and require many documents from their customers to reactivate their account.
Boursorama
First French bank on this list, Boursorama is rather open to cryptocurrencies compared to other banks in the territory.
This online bank, 100% owned by Société Générale, makes it possible to link cryptocurrency exchange platform accounts by API. The goal for the user is to be able to follow from his bank account the evolution of his investments.
Of course, this is simply visual, and Boursorama has no possibility of touching your assets or modifying your orders. At the time of writing these lines, it is possible to link the Paymium, Binance, Coinbase and Kraken platforms to Boursorama.
With 78% satisfaction, Boursorama comes in 2nd position in the ranking of crypto-friendly banks from Bitcoin.fr.
Fortuneo
Fortuneo Banque is a subsidiary online bank created in 2000, then acquired by the Arkéa group in 2006. With more than 880,000 customers referenced at the start of 2022, Fortuneo is a fairly popular online bank in France.
In addition to the classic services offered by an online bank, Fortuneo also allows you to invest on the stock market. For this, the bank offers its customers exchange-traded funds (ETFs). Some of them, listed on Nasadq and Euronext, reproduce the evolution of the course of some cryptocurrencies such as the WisdomTree Bitcoin (WBTC), the Melanion Bitcoin Equities UCITS ETF, the VanEck Ethereum (VETH) or the Ripple XRP Liquid Index (XRPLX).
Fortuneo positions itself as one of the most crypto-friendly banks in France according to the results of the survey carried out by Bitcoin.fr. Out of 80 testimonials, only 2 accounts were closed by the bankeither one of the lowest rates recorded (2.5%).
AXA Bank
AXA is a French international group specializing in insurance and asset management that is particularly open to cryptocurrencies.
The insurance company AXA France, for example, has offered itself a plot in the metaverse The Sandbox (SAND), while AXA Investment Managersthe subsidiary of the AXA group specializing in investment management, has the PSAN registration, allowing it to provide a plethora of cryptocurrency-related services to its customers.
So, unsurprisingly, the AXA Banque online bank is not particularly closed to cryptocurrencies and appears to be one of the most crypto-friendly in France.
Hello Bank!
Hello Bank! is an online bank launched in 2013 by BNP Paribas. With more than 700,000 customers in March 2022, Hello Bank! is one of the most popular online banks in France.
Hello Bank! have the advantage of being able to go to the 2,000 physical branches of the BNP Paribas network to carry out certain day-to-day operations such as:
- cash deposits and withdrawals;
- checkbook withdrawals;
- check deposits;
- bank card withdrawals;
- etc
Hello Bank! is one of the most crypto-friendly banks in France according to the survey conducted by Bitcoin.fr.
Source: bitcoin.fr
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Editor-in-chief of Cryptoast, I discovered Bitcoin and blockchain technology in 2017. Since then, I have been striving to share quality content so that the sector becomes more democratic for everyone.
Clement Wardzala
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