What Are Crypto Banks?
Adekunle Joshua
Not all banks are created equal. Some are venturing into the crypto world. But, there are distinctions to be made
Type 1: Crypto-friendly banks are traditional banks that tolerate crypto activities, like PayPal, which did a U-turn to embrace cryptocurrencies
However, most traditional banks still aren't explicitly crypto-friendly, but some tolerate customers using accounts for crypto exchanges
Type 2: True crypto banks like PayPal offer crypto services to customers. But, there are very few worldwide, and they often need crypto partnerships
For real crypto banks to flourish, they must provide secure and reliable services in line with strict banking standards
Type 3: Fintech banks are an intermediary between traditional and true crypto banks. Companies like Revolut are crypto-friendly and push the industry forward
Fintech banks leverage online platforms, often through smartphone apps, and are well-positioned to cater to crypto-interested audiences.