If you’re looking for a crypto-friendly bank in the United Kingdom, you’ve come to the right place. In this blog post, we will discuss some of the best crypto-friendly banks in the UK and what makes them stand out from the competition.
We’ll also provide a few tips on how to find the right crypto-friendly bank for your needs. So, whether you’re looking for a new bank or just want to learn more about crypto friendly banks UK, read on!
What Are Crypto-Friendly Banks?
In the past, banks have been notoriously anti-crypto. Most banks refused to work with businesses that dealt with cryptocurrency, and some even closed the accounts of individuals who bought or sold digital assets.
However, times are changing. A new breed of banks is emerging that is crypto-friendly and willing to work with businesses in the digital currency space. These banks are often located in countries with favourable regulations, such as UK, Malta and Switzerland.
They offer a full range of banking services, including custody, loans, and merchant processing. And they’re not just catering to big businesses; they’re also working with individual investors and traders.
As the cryptocurrency industry matures, we can expect to see more crypto-friendly banks popping up around the world.
A crypto-friendly bank should let you:
- Buy, sell, and hold crypto
- Get a crypto loan
- Spend crypto with a debit card
- Use crypto to pay bills
- Earn interest on your crypto holdings
- Trade crypto on a margin using a trading website
The Best Crypto-Friendly Banks in the UK
Royal Bank of Scotland (RBS)
RBS is one of the largest banks in the United Kingdom and has been working with cryptocurrency businesses since 2014. In 2018, RBS launched a blockchain-based platform for small businesses to make international payments.
The bank has also filed multiple patents related to blockchain technology. RBS is a great choice for UK-based crypto businesses looking for a large, established bank.
Barclays
Barclays is another large UK-based bank that has been working with cryptocurrency businesses since 2016. In 2017, Barclays became the first UK bank to provide banking services to a major cryptocurrency exchange.
The bank has also invested in several blockchain startups and is actively exploring ways to use blockchain technology to improve its own operations.
Standard Chartered Bank
Standard Chartered is a large international bank with a strong presence in the United Kingdom. The bank has been working with cryptocurrency businesses since 2017 and offers a full range of banking services, including loans and trade financing.
Standard Chartered is an excellent choice for UK-based crypto businesses looking for an international bank with experience in the space.
Nationwide Building Society
Nationwide is the largest building society in the United Kingdom and has been working with cryptocurrency businesses since 2018. Nationwide offers a full range of banking services, including business accounts and loans.
The building society is an excellent choice for UK-based crypto businesses looking for a traditional bank with experience in the space.
TSB Bank
TSB is a small UK-based bank that has been working with cryptocurrency businesses since 2018. TSB offers a full range of banking services, including business accounts and loans. The bank is an excellent choice for UK-based crypto businesses looking for a smaller bank with experience in the space.
Which UK Banks are Not Friendly to Bitcoin?
Lloyds Bank
Lloyds Bank is not friendly to bitcoin. The bank has said that it will not allow its customers to buy digital currency with their credit or debit cards. This is a major blow to the bitcoin community, as it makes it much harder for people to purchase and use the currency.
Starling Bank
Earlier in 2018, the bank blocked customers from buying bitcoin with their credit cards. A Starling Bank spokesperson said at the time that the ban was put in place due to “the volatility and risk associated with cryptocurrency.”
Wells Fargo
Wells Fargo is one of the leading banks in the United States and it has been very clear that it is not friendly to bitcoin and other cryptocurrencies. It has come out and said that it does not plan to offer its customers services related to digital currencies.
This is a big blow to the cryptocurrency industry because Wells Fargo is a very large bank and its decision could have a ripple effect on other banks as they decide how to approach digital currencies.
HSBC Bank
HSBC Bank is not friendly to bitcoin because the bank sees bitcoin as a threat to its business. Bitcoin is a decentralized currency that allows people to conduct transactions without needing a third party. This could potentially disrupt the banking industry as more people adopt bitcoin.
Bitcoin and Banking: Will Both Ever Reconcile?
Bitcoin and banking have had a tumultuous relationship since cryptocurrency first appeared on the scene. On the one hand, Bitcoin offers a decentralized alternative to traditional banking that many people find appealing.
On the other hand, banks are feeling threatened by Bitcoin and its potential to disrupt the financial system. So far, the two have been unable to reach a compromise.
The conflict between Bitcoin and banking is likely to continue in the future. Banks are terrified of losing their grip on the financial system, while Bitcoin users are unwilling to relinquish their independence.
It seems unlikely that both sides will ever be able to reconcile their differences. However, as Bitcoin becomes more mainstream, it might eventually reach a point where it can coexist with traditional banking. Only time will tell.