Understanding each Bank for cryptocurrency exchange globally.
The government, as well as Centralised Financial Institutions, are on a high alert since the creation and implementation of Bitcoin in 2009, as they have completely disrupted the traditional Fiat economy which is the lifeline of the Centralised banks and governments. The cryptocurrencies have absolutely transformed the way the current generation transact money from one part of the world to another. The underlying Technology has intensely, incentivized the system by incorporating security and trust in the system automatically. Also one of the key cost-cutting paradigms was the elimination of the third party intermediary for the transfer of funds. Hence bank for cryptocurrency exchange wasn’t supported.
Why is a Bank for cryptocurrency exchange praised?
Due to the decentralized nature of cryptocurrencies, the citizens from all over the world have shown a keen interest in them and hence the centralized Financial Institutions are on persistent efforts to control it. Nevertheless, there are certain governments which are optimistic about the technology and have incorporated them by legally allowing the banks in the country to integrate with the cryptocurrency exchanges or the Crypto economy, so as to facilitate the ease of transfer of money between them. This would indirectly assist in the development of cryptocurrency, as well as the Blockchain Technology.
Below are some of the world famous Bank for cryptocurrency Exchange, which has collaborated with the crypto environment for seamless functionalities.
1. Fidor Bank
The Fidor Bank for cryptocurrency Exchange was Founded in 2003, the German-based bank has initiated a collaboration with the cryptocurrency exchange, Kraken, in order to integrate the fund transfer mechanism between them. The bank aims to deliver a world-class digital banking service to its customers. It is one of the pioneers to adopt the Blockchain Technology and is also incorporating the Ethereum protocol to redefine its working methodology.
2. Toronto Dominion Bank
Headquartered in Toronto, the bank is striving hard for the Blockchain collaboration with it, as it completely has deciphered its actual use case. The bank for cryptocurrency exchange allows for all the credit card transactions but there is a condition that all the transactions must be undertaken through Mastercard, Visa, Visa debit, or Interac. Nevertheless, the bank is also working on attributes to improve even this.
3. Simple bank
The United States-based Bank allows for all the cryptocurrency transactions through integration with most of the cryptocurrency exchanges. It is noteworthy to mention, that the bank even allows for the direct buying or selling of Bitcoin. All such attributes were able to be incorporated, as it is a subsidiary of the multinational Spanish banking group, BBVA (Banco Bilbao Vizcaya Argentaria).
The financial institution from the Czech Republic offers for the cryptocurrency integration by each and every individual who owns a multi-currency account in the bank. They can be made accessible through the debit cards or virtual cards. It provides an amazing integration with the cryptocurrencies. One of the best evidence is its PayAnyCard which can be filled with any number of Altcoins, which can then be used to spend them at various outlets.
The United Kingdom-based Bank is nothing but a functional arm of SpectroCoin. The fully functional Bank offers each and every service of the traditional Bank along with added service due to its cryptocurrency collaboration. It even sanctions loans to its customers by considering Altcoins as a form of collateral.
The United States-based bank has a deep connection with the cryptocurrency exchange, Coinbase, as it allows its users to check their Bitcoin balances on Coinbase, through their mobile banking app. It is also considered as one of the earliest banks to have been invested in cryptocurrency exchanges.
7. Goldman Sachs
Goldman Sachs is the most famous and the next bank for cryptocurrency exchange, which would be providing a trading platform in order to initiate Altcoin trading soon this year (2018).
Bank without collaboration with cryptocurrencies
While each one of the above-mentioned bank for cryptocurrency exchange is highly deterministic towards the development of the crypto community, there are other banks too which are suppressed to have any kind of relationship with the cryptocurrencies. Bank of America, Lloyds Bank, JP Morgan Chase, Bank of Scotland, Citigroup, Halifax UK, Wells Fargo, Commonwealth Bank of Australia, etc comes user this spectrum. However, the days are not far when even they would get converted into a bank for cryptocurrency exchange once they realize it’s stature.