The best business bank account for cryptocurrency on this list offers varying levels of support for your crypto-related businesses. Others will let you trade and hold crypto directly with them, while others allow you to purchase and hold only through FINRA Financial Industry Regulatory Authority authorized exchanges. After reviewing a large variety of banking providers, here are the five best crypto-friendly business bank accounts, with links directly to the provider websites:
- Mercury Provider is a financial technology (fintech) platform backed by and Federal Deposit Insurance Corp. (FDIC)-insured through supporting bank partnerships with Choice Financial Group and Evolve Bank & Trust : Best overall for crypto startups and Web3 As defined by the Harvard Business Review, Web3 is a blockchain-based web and an extension of cryptocurrency. companies
- U.S. Bank Member FDIC : Best traditional bank with internal cryptocurrency custody service
- Chase Member FDIC : Best traditional bank with its own bank-led blockchain platform
- Revolut As of Oct. 3, 2023, U.S.-based businesses can no longer buy, sell, or hold crypto with Revolut. This product is still available to businesses outside the United States. Provider is a fintech platform backed by and FDIC-insured through supporting bank partnerships with Community Federal Savings Bank (CFSB) and Sutton Bank. : Best for international-based crypto companies doing business overseas
Get free unlimited monthly transactions with Mercury |
|
Cryptocurrency can be highly volatile and may be a risky investment for your business. Consult your financial advisor before investing in any digital currency. Funds held outside of the US or in cryptocurrencies may not necessarily be insured against loss. See the provider’s website for more information.
Best Crypto-friendly Business Bank Accounts at a Glance
Mercury: Best Overall for Crypto Startups and Web3 Companies
What We Like
- No monthly maintenance fee on introductory account
- No fees for domestic or international wires
- Treasury product offers outstanding yield on balances over $500,000 Mercury Treasury, by Mercury Advisory, LLC, an SEC-registered investment advisor. Registration with the SEC does not imply a certain level of skill or training. SEC registration does not mean the SEC has approved of the services of the investment adviser.
Drawbacks
- Accounts unavailable to sole proprietorships and trusts
- No APY for checking accounts
- Limited lending options and no cash deposits
Features
- Earn interest with Mercury Treasury Mercury Treasury, by Mercury Advisory, LLC, an SEC-registered investment advisor. Registration with the SEC does not imply a certain level of skill or training. SEC registration does not mean the SEC has approved of the services of the investment adviser. product if you have more than $500,000 in Mercury accounts and request Treasury
- Set customer user permissions for your team members
- Create auto-transfer rules for your accounts
- Integrate accounts with QuickBooks and Xero accounting software
- Virtual debit cards available right away, with physical debit cards arriving in the mail in a few days
- Physical checkbooks unavailable
- Business payment integrations with Shopify, Stripe, Zapier, Amazon, and PayPal
- Email customer service available
- Savings account provided when you open checking account
- Other products include Mercury Treasury, capital and venture debt, and credit card
 | |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | Unlimited |
Monthly Fees | None |
Domestic Wire Transfer Fees | None |
International Wire Transfer Fees | None as long as it is sent through Mercury’s structure |
ATM Fees | No charge for out-of-network ATMs, although operator fees apply; free access to Allpoint ATM network (55,000 locations worldwide) |
Cash Deposited | Cash deposits not accepted |
APY | N/A |
Mercury is a fintech company, not an FDIC-insured bank. Deposits in checking and savings accounts are held by our banking services partners, Choice Financial Group and Evolve Bank & Trust®; Members FDIC. Deposit insurance covers the failure of an insured bank. Certain conditions must be satisfied for pass-through insurance to apply. | |
When to Choose Mercury
- You’re a business that uses or is a Web3 company: Mercury is a great choice for businesses wanting to partner with a financial institution that has a deep understanding of blockchain-based companies. Its business checking is built to streamline the operations of Web3 types of businesses.
- You want restriction-free purchases of crypto: There are no set limits when buying crypto through your Mercury account. Wires sent through the account will include your business name, which the provider notes will help crypto exchanges, such as Gemini and Coinbase, process and credit the wire. However, you cannot hold crypto in your Mercury account at this time.
- You need FDIC protection for your business funds: Mercury’s Vault product uses partner banks and a sweep network to insure business funds of up to $5 million. Note that FDIC insurance does not cover crypto assets.
- Has the Mercury IO Mastercard, which offers unlimited 1.5% cash back that’s automatically deposited to your account without manual redemption (see our Mercury IO Mastercard review)
Mercury supports many types of crypto-based businesses, but there are a few business models that are not currently supported—such as Money Services Businesses (MSB) or exchanges. In addition, there are a few other industries that are not supported:
- Cannabis, CBD, or cannabis-derived products
- Firearms, weapons, or ammunition
- Tobacco, e-cigarettes, or e-liquids
- Counterfeit goods
- Adult entertainment
- Illegal drugs
- Any business illegal in the US
If none of those reasons apply, a crypto-based business should have the same onboarding experience as any other business type, according to Mercury.
U.S. Bank: Best Traditional Bank With Internal Cryptocurrency Custody Service
What We Like
- No monthly fee
- Free mobile check deposits
- Option to apply in person, online, or by phone
Drawbacks
- Expensive wire fees
- Limited free transactions
- Low cash deposit limits
Features
- Send and receive money through app
- Digital invoicing and payment systems integrated into your online dashboard
- Mobile app to monitor all of your accounts, transfer funds between accounts, and deposit checks online
- Easy integration with overdraft protection or credit card processing services for your business
- Free debit card and 50% discount on first check order with Deluxe up to $50
- Integrations with QuickBooks and U.S. Bank Payment Processing
- Customer service online, by phone, or in-branch during business hours
- Other products include lending and cash flow products, other checking options, and point-of-sale (POS) services
When to Choose U.S. Bank
- You’re looking for a reliable custodian for both your crypto and non-crypto assets: U.S. Bank has an internal cryptocurrency custody offering that allows you to hold your cryptocurrency in the same account as traditional securities, cash, and other assets. Read U.S. Bank’s FAQ section to learn more about crypto-related concerns and questions.
- You’re a crypto startup seeking a free business checking account: U.S. Bank’s starter account, Silver Business Checking, does not charge a monthly service fee and gives 125 free transactions and 25 units Cash deposit units are calculated by dividing each cash deposit amount by 100 and rounding the resulting value to a whole number.To determine rounding, less than $.50/$50 is rounded down and more than or equal to $.50/$50 is rounded up. Any deposit less than $150 equals one unit. in free cash deposits monthly. This is why U.S. Bank is our choice for the best small business checking account.
- You want a welcome bonus: Earn a $500 bonus when you open a Silver Business Checking Account or $900 when you open a Platinum Business Checking Account online with promo code Q1AFL25 and complete qualifying activities, subject to certain terms and limitations. Offer valid through March 31, 2025. Member FDIC. See our article on the best bank account promos and offers for details on how to qualify.
- Offers two higher-tier accounts, Gold and Platinum Business Checking, which have waivable monthly fees and allow more free transactions and other perks
- Has various banking products and services, which include business savings accounts, money market accounts, CDs, business credit cards, and financing solutions
Chase: Best Traditional Bank With Its Own Bank-led Blockchain Platform
What We Like
- Up to $500 bonus when you open an account
- Multiple ways to waive the monthly fee
- Branch presence in 48 states
Drawbacks
- Limited number of free transactions
- Does not earn interest
- Fee for cash deposits of more than $5,000 per statement period
Features
- Built-in card acceptance with QuickAccept℠ via the Chase Mobile® app
- Manage debit, deposit, and ATM card settings for individual employees
- Deposit checks, view account balances, pay bills, and make transfers through the mobile app
- Integrates with QuickBooks and other leading accounting software
- Free debit card, mailed within 10 business days of application approval
- Physical checks’ costs depend on type ordered
- Chase Payment Solutions
- Live customer support online or in branch during business hours
- Other products include business savings, CDs, lending products, credit cards, merchant services, and collection services
 | |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | 20, then 40 cents per transaction |
ACH Fees | $2.50 per item for first 10 payments and 15 cents for succeeding payments 1% of transaction for same-day ACH or $25 per transaction, whichever is less. |
Monthly Fees | $15; waivable if conditions are met |
Domestic Wire Transfer Fees |
|
International Wire Transfer Fees |
|
ATM Fees | $3 at non-Chase ATMs, plus ATM operator fees |
Cash Deposited | $5,000 free per month, then $2.50 per $1,000 |
APY | N/A |
When to Choose Chase
- You want to use a blockchain platform for domestic and international payments: In 2020, J.P. Morgan Chase developed Onyx, the first bank-led blockchain platform in the world. This tool is a good choice for crypto-friendly companies since its system supports domestic and cross-border payment transfers via blockchain technology.
- You’re looking to partner with a bank that has been an industry leader in cryptocurrency since the inception and is an expert in compliance and risk management.
- You want to move, settle, and use your financial assets faster: Onyx Digital Assets, established by Chase, allows you to represent a financial asset as a programmable token on a blockchain, which it claims can increase the utility and mobility of your financial assets.
- Provides an entry-level business checking account, Business Complete Banking, that gives you up to 20 free transactions and $5,000 in free cash deposits monthly
- Lets you earn a bonus of up to $500 by opening a new account and completing qualifying actions
Revolut: Best for International-Based Crypto Companies Doing Business Overseas
What We Like
- Can hold and exchange over 33 currencies
- Spend in up to 150 local currencies
- Multiple tiers to fit your business needs
Drawbacks
- Cannot purchase or trade cryptocurrency from US-based accounts
- Some features only in paid plans
- No guarantee you can sell cryptoassets at anytime since its based on a supply and demand system
Features
- Up to three physical and 20 virtual cards; first plastic card ships free; delivery fees for each additional card apply
- Four different company accounts and three freelancer accounts
- Local accounts opened up in USD, euros (EUR), and British pound (GBP)
- Can create multiple accounts in more than 33 currencies to hold, exchange, and transfer money
- Integration with Xero and QuickBooks
- Business online and mobile banking app
- 24/7 live in-app chat support
- Perks for paid plans include metal cards and better exchange rates
- Cash deposits accepted at Green Dot retail locations
 | |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | Unlimited transfers between Revolut accounts |
Transfer Fees |
|
Monthly Fees | None |
Domestic Wire Transfer Fees | Incoming & outgoing: $10 |
International Wire Transfer Fees |
|
ATM Fees | 2% of the amount withdrawn, plus third-party ATM fees |
Cash Deposited | |
APY | N/A |
Revolut Technologies Inc. (Revolut) is a technology services provider and program manager of the card program. Funds in your Revolut Prepaid Card Account will be held or transferred to Lead Bank, an FDIC-insured institution. While there, your funds are insured up to applicable limits by the FDIC. FDIC insurance does not protect your funds in the event of Revolut’s failure or from the risk of theft or fraud. Savings Vault services provided by Sutton Bank, Member FDIC, and funds there are insured up to $250,000 in the event Sutton Bank fails. Securities products and services provided by Revolut Securities Inc., member FINRA/SIPC. Securities products are not insured by the FDIC or any federal government agency, are not bank deposits, are not obligations of or guaranteed by any bank and are subject to investment risks, including possible loss of the principal amount invested. | |
When to Choose Revolut
Note: As of Oct. 3, 2023, US customers will no longer be allowed to buy, sell, or hold cryptocurrency with Revolut. However, overseas customers can continue to use Revolut for those purposes. In addition, Revolut still offers business accounts domestically, without the ability to buy, sell or hold crypto. See Revolut’s website for more information.
- You’re an internationally-based crypto company doing business overseas: Revolut is a solid choice because it can support accounts in multiple currencies
• Supported currencies to receive money without a currency exchange: AED, AUD, BGN, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HUF, ILS, JPY, MXN, NOK, NZD, PLN, RON, RSD, SAR, SEK, SGD, THB, TRY, USD, ZAR
• Supported currencies to receive money with a currency exchange to your main currency: INR (fr. India), IDR (fr. Indonesia), MYR (fr. Malaysia), PHP (fr. Philippines), VND (fr. Vietnam), KRW (fr. South Korea), CLP (fr. Chile), NPR (fr. Nepal), BRL (fr. Brazil), COP (fr. Colombia), LKR (fr. Sri Lanka)
. - You’re an overseas business looking for a fintech company that allows you to buy and sell more tokens: Revolut Ramp currently supports Bitcoin, Ethereum, Solana, and a number of ERC-20 tokens. New tokens are added each month.
While US-based businesses cannot buy, sell, and hold crypto with their Revolut account, international businesses will find the provider one of the best options. International businesses should visit Revolut’s website for product pricing information in their local currency.
Another major potential drawback of Revolut for domestic customers is that funds held overseas may not be insured if the local accounts fail. Since transfers between Revolut accounts are free, it’s best to keep funds in your US-based account, which is backed by FDIC-insured banks.
- Provides the best exchange rates and perks in its three paid business accounts:
- Grow (£19 monthly, or ~23.76 USD)
- Scale (£79 monthly, or ~98.81 USD)
- Enterprise (custom price)
How I Evaluated the Best Business Bank Accounts for Cryptocurrency
I reviewed a large variety of domestic bank and neobank products when compiling this buyer’s guide. When I evaluated the best business bank accounts for cryptocurrency, I considered the following:
- Whether you could purchase crypto with funds from the bank
- Whether you can hold crypto directly in the bank
- Multi-currency options
- Which accounts had no monthly fees or easily waivable monthly fees
- Required opening deposit and balance minimums
- Transaction limits before fees
- Cash deposit fees and availability
- Interest yield, if applicable
- Other checking account perks
- Software integrations
- Other business services provided
- Lending products provided
- Customer service
- Customer reviews
Other Considerations for Crypto-friendly Businesses
While your crypto-friendly business will need a checking account, there will be other products and services you will need for your company. Here are some other guides to consider when building or growing your business.
- Payment Gateways: Before choosing a company to facilitate crypto transactions, check out our buyer’s guide to the best crypto payment gateways for small businesses.
- Payment Acceptance: Want to allow customers to pay for products and services with crypto? Check out our guide on how to accept crypto payments as a business.
- Accounting Software: You will need good accounting software to handle your crypto-friendly business. See our roundup of the leading cryptocurrency accounting software.
- International Contractors: One of the ways you can pay workers overseas is with crypto. Read our guide on how to pay international contractors for details on cryptocurrency payments and other solutions.
- Payment Trends: Check out our guide to payment trends for things to watch for with cryptocurrency payments.
- Payment Fraud: It is critical to keep an eye out for payment fraud to protect your business. Crypto exchanges are seeing an increase in fraud.
What You Need to Open a Business Bank Account
Though each provider listed above may require different documents to open a business bank account, here is a general list of what you will need:
- EIN or Social Security number if you’re a sole proprietor
- Fictitious business name certificate or doing-business-as (DBA) certificate
- Business formation documents
- Organization documents, including your ownership agreements
- Business licenses
- Government-issued photo ID, such as a passport or driver’s license
Frequently Asked Questions (FAQs)
Financial technology (fintech) companies are more likely to support crypto businesses than traditional banks. Fintechs that support crypto businesses include Revolut and Mercury. Revolut supports crypto-based businesses located outside of the US. Traditional banks, such as Bank of America and Chase, may decline crypto-related transactions. However, Chase does have its own bank-led blockchain platform.
Yes, many banks will allow you to open a business account that works with cryptocurrency. However, according to some Reddit users, some traditional banks and fintechs will deny your account if you list your business as a Bitcoin Mining or a Money Services Business (MSB). Be sure to research allowed business types before applying for an account.
In our roundup of the best business bank accounts for cryptocurrency, BankProv is the most crypto-friendly company with services available in the US. Revolut is great for companies located outside of the US.
Yes. Many popular crypto exchanges, such as Coinbase and Kraken, support institutional accounts and allow LLCs to open an account. Account opening for these accounts are pretty much like individuals. When purchasing crypto, you must use your LLC-associated business account.
Bottom Line
Because of cryptocurrency’s volatility and relative newness, many banks don’t allow for any type of crypto-related transactions. The five providers listed here offer different levels of support for crypto-friendly businesses. Review the risk associated with investing in crypto along with the financial institutions’ insurance offering. Determine your banking needs, consult your financial professional, and choose the bank that best meets those needs.
