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How to Open an Account with a Crypto Friendly Bank?

May 26, 2024

How to Open an Account with a Crypto Friendly Bank?

A crypto friendly bank is a bank that accepts and supports multi currencies in its digital banking platform. In today's digital world, more and more people are getting involved in cryptocurrencies and the blockchain ecosystem.

While cryptocurrencies are decentralised by nature, there is still a need for regulated financial institutions to facilitate transactions between the traditional and decentralised finance worlds. This is where crypto friendly banks like Jetonbank come into play.

In this article, we will explore what a crypto friendly bank is, what is required to open an account with one, the types of transactions that can be performed and finally recommend Jetonbank as one of the best options for opening an online crypto account.

What is a Crypto Friendly Bank?

A crypto friendly bank is a financial institution that provides banking services for both cryptocurrencies and fiat currencies.

Unlike normal banks, crypto friendly banks have a more flexible approach towards digital assets and blockchain technology. They offer services like crypto savings accounts, investments, exchanges and payments involving both cryptocurrencies and traditional fiat currencies.

Essentially, a crypto friendly bank acts as a bridge between centralised and decentralised finance. It allows its customers to seamlessly use both crypto and fiat currencies for various financial transactions from a single regulated platform.

This provides legitimacy to the crypto economy while giving customers an extra layer of security compared to unregulated crypto exchanges.

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What is Required to Open a Crypto Friendly Bank Account?

The exact requirements to open an account with a crypto friendly bank like Jetonbank depends on their know-your-customer (KYC) policies. But generally speaking, you'll need to:

  • Provide valid government identification like a passport or driver's licence.
  • Verify your identity through means like taking a selfie holding your ID.
  • Provide proof of address like a recent utility bill in your name.
  • Demonstrate source of income through pay stubs, tax returns, etc.
  • Sometimes funds for the initial account deposit as well, usually a minimum of $200-500.

The onboarding process is completed remotely through an online application and ID verification. Jetonbank aims to give approval within 24 hours once all documents are submitted. Maintaining ongoing compliance like reporting large transactions is also required afterwards.

Think of it like opening a regular bank account but with the additional steps of thoroughly verifying your identity to safely handle cryptocurrency transactions atop traditional banking services.

What Transactions Can Be Made with Crypto Friendly Bank Account?

Once approved for an account at a crypto friendly bank like Jetonbank, you'll be able to conduct a wide variety of crypto payments and investments:

  • Top up your account with dozens of popular cryptocurrencies like Bitcoin, Ethereum, Litecoin and more.
  • Send and receive crypto globally by using others' crypto addresses or scanning QR codes.
  • Exchange between cryptos and fiat currencies like trading bitcoin for USD within your account.
  • Use virtual Visa debit cards to make purchases from any business accepting Visa, essentially spending your crypto holdings.
  • Access decentralised finance (DeFi) opportunities like yield farming and liquidity pools right from your banking interface.

Store, stake and lend cryptos to earn returns without needing to manage private keys yourself.

Your crypto friendly bank account acts as a central hub to easily manage, store and utilise your crypto assets alongside traditional banking perks like low fees, security and insurance.

Can Crypto Payments Be Made in a Crypto Friendly Bank Account?

One of the main draws of a crypto friendly bank account is the ability to directly make crypto payments and spend your cryptocurrency holdings wherever regular currencies are accepted. Here are some examples:

  • Use your virtual Visa debit card tied to your account to pay for goods and services at millions of Visa-accepting stores and online retailers worldwide. Swipe or insert like a regular debit card.
  • Top up your PayPal balance by converting cryptos inside your crypto bank account. Then use PayPal as usual for peer-to-peer transfers, shopping online and more.
  • Send cryptocurrency from your account directly to friends, family or merchants who provide a crypto public address or QR code for receiving funds.
  • Invest in various crypto investments like decentralized finance protocols seamlessly through your account interface.

Yes crypto payments are fully enabled through crypto friendly bank accounts like the one offered by Jetonbank. You're even able to spend your digital assets anywhere Visa is accepted like regular currencies thanks to its virtual debit cards.

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Can Businesses Open an Account with Crypto Friendly Bank?

Absolutely! While crypto friendly banks initially catered more towards individual investors and traders, many like Jetonbank have since expanded their services to comprehensively serve both personal and business clients.

Some benefits businesses enjoy by opening an account include:

  • Legally receive crypto payments from customers, partners or contractors globally.
  • Seamless payroll and payouts in crypto for contractors, freelancers or international teams.
  • Protect corporate treasuries by storing crypto reserves with banking-level security.
  • Manage crypto liquidity needs easily through real-time currency conversions.
  • Accept crypto-backed loans or lines of credit for funding operational expenses or expansion.

Yes, top crypto friendly banks nowadays cater services specifically for companies, offering robust banking tools to integrate cryptocurrency into operations and business models.

Best Crypto Friendly Bank to Open an Online Account

After exploring what crypto friendly banking entails, let's look more closely at arguably one of the best options available - Jetonbank.

Since its founding in 2015, Jetonbank has emerged as a global leader with extensive experience in both traditional and digital crypto friendly banking.

Some key advantages of opening an account with Jetonbank include:

  • Physical headquarters in Dominica provide trust and stability while services are online-first.
  • Regulations as a Dominica banking corporation subject to strict FINMA oversight.
  • Multi-tiered account offerings tailored for each clients' needs whether individual or business.
  • Award-winning security technologies and insurance protection for all assets on deposit.
  • Among the lowest fees in the industry across all transaction types.

So for experienced crypto investors looking to simplify their wealth management or newcomers beginning their crypto journey, Jetonbank's holistic online offering truly sets the gold standard.

Their crypto payments, expert support and prudent regulatory compliance make them the logical top choice among today's crop of innovative crypto friendly banks.

Does opening an account with Jetonbank sound like the right next step for you? Head over to our website to easily start the application process in minutes.

You'll be joining thousands maximising both traditional banking services and the booming world of digital currencies through one integrated platform.

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The opinions expressed in this blog are solely those of the author and should not be regarded as expert financial advice. Before engaging in trading, you should consult an independent and suitably licenced financial advisor to ensure that you understand the risks and have the necessary experience and knowledge. Under no circumstances will Jetonbank be liable for any direct, indirect, special, consequential, or incidental damages. Jetonbank is also not responsible for any losses that may arise from reliance on any recommendation, forecast, or other information provided. Past performance does not predict future results. The value of investments can fall as well as rise. We value your participation in our discussions and welcome diverse viewpoints.

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1st Floor, 43 Great George Street, Post Code: 00109-8000, Roseau, Commonwealth of Dominica

team@jetonbank.com

Jeton Bank Limited is licenced and authorised by the Financial Services Unit, Ministry of Finance of the Commonwealth of Dominica, licenced as a banking institution under the International Banking Act, fully authorised to provide services to clients worldwide, under the prudential supervision of the Financial Services Unit. Jeton Bank Limited is registered in the Commonwealth of Dominica, Company Number 2022/C0175, with its registered address at 1st Floor, 43 Great George Street, Roseau, Commonwealth of Dominica, Post Code: 00109-8000. LEI Code: 894500XGIX3R4HCIOC29.

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