Financial systems are rapidly embracing digital payment solutions as many customers shift transactions to the online space. Mainstream financial institutions like banks have felt the pressure, exploring ways to integrate tech-based payment solutions such as Bitcoin. As some experts argue, all financial transactions and assets will become digitized soon, and banks too must adapt to fulfill that need. That is why many banks are increasingly experimenting with crypto offerings and lobbying regulatory authorities to implement rules that favor them. 

The US Banks Accepting Bitcoin 

Bitcoin adoption in the banking sector is a bit slow compared to other economic sectors. However, a significant number of banks have already created Bitcoin-friendly solutions to leverage the emerging market of tech-savvy customers. The following is a list of the leading US banks accepting Bitcoin and their respective crypto-related services. 

USAA Bank

USAA offers a wide array of financial services, such as bank accounts, insurance, and investment services. It was the first prominent bank in the US to take a stand in the increasing crypto exchange service. It allows its customers to track their crypto exchange transactions from their USAA accounts via the company website or mobile app. The company also allows its customers to buy Bitcoin and other cryptocurrencies through USAA bank transfers, debit cards, and wire payments. That means customers can also transfer funds from their Bitcoin wallets on exchange platforms such as bitcoin buyer system to their bank accounts. 

Ally Bank 

Ally is a virtual-only banking platform with 24/7 customer support. Unlike traditional banks, it does not charge account maintenance fees and offers a tenth annual percentage yield on savings. Customers can purchase crypto with an Ally Bank open-end credit card, bank transfers, or wire transfers. It makes it easier for customers to link their checking accounts to crypto exchange platforms for such transactions.  

Simple Bank 

Simple Bank is FDIC-insured but operates within the digital space. It allows customers to shop for products and sell Bitcoins using various cryptocurrencies. Members of Simple Bank can shop for Bitcoin through their debit cards or bank accounts. Besides, it provides seamless integration of banking features with online budget planning tools. Simple Bank offers a crypto-friendly environment, enabling customers to track their bank expenses and plan their budgets. 

Chime Bank 

Chime Bank also offers its members full virtual bank functionality. It claims members can receive their direct deposits through the Chime bank routing number much faster than most banking institutions. They also have no overdrafts, monthly fees, or minimum balance requirements. However, it prohibits Bitcoin transactions via credit cards or wire transfers. 

How Banks Embrace and Challenge Bitcoin 

Several other banks globally are also increasingly adopting Bitcoin and other cryptocurrencies as payment methods and a store of value. Experts have expressed confidence that most US banks would soon allow their customers to purchase, hold and even sell Bitcoin via their existing bank accounts. 

For instance, a crypto custody firm, NYDIG, recently partnered with a leading fin-tech company, Fidelity National Information Services, to enable US banks to provide Bitcoin. Reports show that hundreds of banks have enrolled in the program, some already offering crypto custodian services to asset managers. 

Some banking institutions such as JP Morgan are also experimenting with Bitcoin’s underlying blockchain technology to boost efficiency, reduce transaction costs and ensure prompt payment processing. Others are also supporting the crypto-space by investing in Bitcoin-friendly businesses. 

However, Bitcoin adoption is still low among mainstream banks mainly because of its decentralization. A majority are concerned digital currencies like Bitcoin enable individuals to bypass banks and other third parties in financial transactions. Some bankers are also still skeptical about adopting crypto due to its high volatility. That has prompted influential institutions such as the Federal Reserve to think about unveiling their digital currencies.