Crypto-Friendly Banking Solutions - Are they here yet?

[ActAshton]

Crypto-friendly BTCanking solutions look like they are on the way...

Silvergate is one of the more famous blockchain-friendly banks in the world, but they suffer from regulations within the US being domiciled in San Diego. Most issues with banking in this industry include storage of funds, buying and selling digital assets, escrow services, and taxes. A lot of the crypto OG's are moving into the Caribbean to find tax havens.

Most of these centralized giants won't even think about touching crypto because of the danger they think it will bring. Turns out- there's a s#&% ton of money to be made by them.

For example, a bank called EQI offers its services to high net worth clients and institutions providing full custodial services anywhere in the world. It seems like their core focus is to be crypto-friendly and provide solutions that most of us might have when either we are cashing out, storing funds, or buying.

"EQIBank, which launched in October last year, was one of the first licensed and regulated offshore banks to offer support for both traditional and alternative assets. It provides financial services, including lending, exchange, and wealth management to corporate clients and high-net-worth individuals in 180 countries around the world.

Kentucky-based Kingdom Trust launched in 2017 and was one of the first companies to provide custody solutions for alternative assets. It has grown to become a market leader in the alternative asset custody industry, with insurance provided by financial powerhouse Lloyd’s of London.

“Strong, insured custody”

The new relationship means EQIBank clients now have access to a robust, multi-layer custody storage solution that makes use of the most advanced technologies to ensure complete security of client assets. The custody solution ensures that all digital assets are segregated and kept in highly-secure cold storage vaults that benefit from strict monitoring and auditing policies."

Source: https://www.techbullion.com/eqibank-forges-strategic-relationship-with-kingdom-trust-to-address-3rd-party-storage-risks/

[ActAshton]

I've recently used payment solutions providers like Trastra or Revolut, but it's still not a bank. Bitcoin's original trademark "be your own bank" is slowly diminishing with these upcoming regulations throughout the world. I like the idea of having safe and secure funds and a friendly institution that doesn't discriminate digital currency from fiat.

[ActAshton]

It looks like a dream. I would really like banks to accept cryptocurrency on a par with fiat money. I would look at such a world.

I don't think big banks are going to be cooperating any time soon, but up and coming solutions still arise. There are crypto card producers, a few banking solutions, and other payments services. Safety is #1 in crypto, of course, and we need to find a better storage solution than Ledgers and other cold storage wallets (for market risk purposes).

[Lantind]

In my country, banks have not yet penetrated the world of crypto, it may be that someday the banks will agree on crypto, but that also depends on the policies of each regional government, because each country has rules, and all banks also have their own rules.

[dcomomal]

As far as I know, Ripple has already made few partnerships with largest banks of Asia and is about to launch during the next couple of years. Cryptos would not eliminate traditional banking system but a good combination will see the light very soon.

[ashmodeus]

i have no idea about it.
since most of federal bank avoid all about crypto at the beginning.
but now, they move in step by step.
its funny actually, its like they cant ignoring dynamic finance.

[ActAshton]

As far as I know, Ripple has already made few partnerships with largest banks of Asia and is about to launch during the next couple of years. Cryptos would not eliminate traditional banking system but a good combination will see the light very soon.

RippleNet is a good use case for the current banking system. Allows cross-border payments between banks extremely seamlessly. EQI Bank has it integrated for that reason- super useful for transfers.