Whenever we hear of banks, I think the crypto community tends to hesitate a bit. Cryptocurrency is a major disrupter in the financial systems we all know today. Banks around the globe are now beginning to allow potential investors to invest in assets such as Bitcoin and Ethereum and store them within their system.
In this article, we will be taking a look at banks around the world that allow users to store cryptocurrencies in their bank accounts and, in some cases, use them to make purchases. This removes the responsibility of having your own personal wallet but also removes complete ownership of your assets. Let’s take a look!
Change is a crowd-funded blockchain project that aims to allow users to store their crypto assets utilizing their systems. Based in Estonia, Change is looking to allow users to spend their cryptocurrency as you would with traditional fiat currencies with an altcoin spending card. Similar to the Coinbase card, you’re able to use your crypto assets to make purchases online and in person.
Worldcore is the leading bank in the Czech Republic that offers both regular banking and alternative banking to its users. Users who have an account with Worldcore have both a debit card and virtual, reloadable cards. This allows their clients to decide whether or not they want to make purchases in fiat currency or their crypto assets at ease.
Goldman Sachs is no stranger to any of us. Based in the United States, Goldman Sachs has actually been offering altcoin purchases since 2018. Fast-forward to 2021, they are now offering Bitcoin and Ethereum derivative investments to their clients. Although a major step for the major banking firm, derivative products are virtually synthetic. Crypto exchanges that also currently offer derivative investment opportunities are Binance and OKEx.
Wirex is a bank based out of London. Users of this Wirex are offered modern banking technologies with the ability to purchase and store crypto assets straight from their banking app. Claiming to utilize a multi-sig cold storage wallet, Wirex simplifies the banking and crypto exchanging world under one roof. As of writing this article, they do not allow purchases using crypto assets.
While it’s both amazing and innovative that some banks are offering the option to store cryptocurrencies within their accounts, it does take away the decentralized aspect that we have all come to love. The ability to store your assets in your own encrypted and personalized wallet, in my opinion, will always be the focal point of cryptocurrency.
If it’s not your keys, it’s not your crypto. If users want the ease of purchasing and spending crypto through a bank account, it does offer less responsibility to the user. You don’t have to worry about losing your valuable crypto wallet keys, but you now have to worry about someone else losing them for you. Innovation in the banking world towards crypto doesn’t stop here and, if you’re like me, you’ll never store crypto assets within a banking firm.
If I’m responsible enough to make my own money, I’m responsible enough to keep it safe!
Do you know of any other banks that are taking steps toward a crypto-friendly future?
Leave a comment and let everyone know!
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