The banks on this list offer 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 over 100 business 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
- BankProv Member FDIC : Best fintech with dedicated crypto business banking
- 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 |
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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
Account Name | Monthly Fee | Free Monthly Transactions | Free cash deposit limit | |
|---|---|---|---|---|
 | Business Checking | None | Unlimited | N/A |
 | Business Complete Banking | $15, waivable | 20 | $5,000 per month |
 | Silver Business Checking | None | 125 | $2,500 per month |
 | Essential Business Checking | None | 150 | Fees not stated |
 | Basic Business Account | None | Unlimited | N/A |
Mercury: Best Overall for Crypto Startups and Web3 Companies
What We Like
- No monthly maintenance fees
- No wire transfer fees
- 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 business fintech platform backed by FDIC-insured Choice Financial Group and Evolve Bank & Trust. | |
When to Choose Mercury
- You’re a business that uses or is a Web3 company: Mercury is a great choice for a business banking solution with 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. Mercury Treasury, available once you have over $500,000 in your account, earns an interest yield. Currently, that yield is up to 5.36%, but it changes weekly. Note that FDIC insurance does not cover crypto assets.
- Lets you earn $300 cash back with a $2,000 spend on your debit or credit card The spending activity must be completed within the first 90 days of account opening. Offers a prepaid card with 1.5% cash back and unlimited virtual cards (see our Mercury IO Mastercard review)
According to Mercury, the main requirement is that companies only use a Mercury account for operational purposes, such as payroll and rent. The only reasons it would reject a new crypto-based business are that the business does the following:
- takes ownership of their customer’s funds in their Mercury account
- offers crypto for cash exchange services or Bitcoin ATM services
- is a crypto-mining operation
If none of those reasons apply, a crypto-based business should have the same onboarding experience as any other business type, according to Mercury.
NOTE: Deposits in Mercury checking and savings accounts are held by our partner banks, Choice Financial Group and Evolve Bank & Trust, Members FDIC. Through sweep networks, these funds become eligible for up to $5 million in FDIC Insurance. Visit Mercury’s website for more information.
U.S. Bank: Best Traditional Bank With Internal Cryptocurrency Custody Service
What We Like
- No monthly fee
- Free mobile check deposits
- Apply in person, online, or by phone
Drawbacks
- Expensive wire fees
- Limited free transactions
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 $2,500 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 up to an $900 bonus when you open a new, eligible U.S. Bank business checking account (promo code: Q4AFL24) and complete qualifying activities, subject to certain terms and limitations—offer valid through January 15, 2025. Member FDIC. See our article on the best bank account promos and offers for details on how to qualify.
You can purchase crypto through regulated platforms with U.S. Bank but cannot purchase or hold crypto directly in your U.S. Bank account.
- 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
- $300 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 & 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 | Incoming: $15 Outgoing: Up to $35 |
International Wire Transfer Fees | Incoming: $15 Outgoing: Up to $50 |
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 Onyx uses Liink, the first bank-led, peer-to-peer network for secure information exchange. The company’s coin system, JPM Coin, allows for the support of domestic and cross-border payments. JPM Coin enables 24/7 transfers using blockchain technology. , 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 buy crypto through your bank account: You can purchase crypto with Chase accounts using authorized exchanges.
- 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.
Chase doesn’t directly handle cryptocurrency transactions, and you will be unable to hold crypto in your Chase account. However, paired with an authorized exchange like Kraken, you can use your business funds to invest.
- 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 $300 bonus by opening a new account and completing qualifying actions
BankProv: Best Fintech with Dedicated Crypto Business Banking
What We Like
- Dedicated banking product for crypto businesses
- Multiple tiers of checking to fit the needs of larger businesses
- Deposits 100% Insured
Drawbacks
- Some of the tiers require very high balances to waive monthly fees
- No free ATM transactions
- Lengthy list of fees that businesses should review before opening an account.
Features
- Four business checking products
- Deposits 100% insured as a member of the FDIC and the Depositors Insurance Fund (DIF)
- Company’s ProvXchange Network allows for real-time transfers 24/7 between BankProv accounts
- Lending products include commercial real estate, renewable energy, search fund, small business, and warehouse lending
- Offers Banking as a Service (BaaS) partnerships
- Cash management tools include ACHs, wire transfers, transaction monitoring, and bill pay services
 | |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | 150 free each month, then 30 cents each |
Monthly Fees | None |
Domestic Wire Transfer Fees | Incoming: $15 Outgoing: $30 |
International Wire Transfer Fees | Incoming: $15 Outgoing: Up to $50 |
ATM Fees | $3 each for inquiries, transfers, or withdrawals, even at in-network (SUM network) ATMs |
Cash Deposited | Fees not stated; cash deposits are likely accepted at branch locations and some ATMs. ATM deposits will likely have a fee. |
APY | N/A |
When to Choose BankProv
- You seek a full-service bank offering crypto-friendly services: BankProv is a great option for digital asset clients as it considers itself a full-service commercial blockchain bank. It is one of the few companies to offer full-service US Dollar banking products for crypto-native and related businesses.
- You’re a crypto-friendly business looking for more business support: BankProv has partnerships with companies such as Rocketplace, Fortress, Etana Custody, and Synctera to offer more support for crypto exchanges, investors, software developers, and Bitcoin ATM companies.
- You want your deposit accounts to be 100% insured: One major perk is BankProv’s membership in the FDIC and the DIF. The company guarantees deposits will be insured 100%. However, be aware that currency held in crypto exchanges may fall outside of this insurance guarantee, so consult your financial professional before investing.
While this will be an online-only bank for most customers, BankProv has seven branch locations in Massachusetts and New Hampshire. It’s also not a fly-by-night operation, as the bank was founded in 1828 and is the 10th oldest bank in the nation.
- Has a basic Essential Business account that has no monthly fees and provides up to 150 free transactions each month
- Offers three more business checking accounts, which have monthly fees with increasing thresholds for waiving those fees; each higher-tier account comes with more features and more free transactions, and companies should review BankProv’s schedule of business fees for complete details
Revolut: Best for International-Based Crypto Companies Doing Business Overseas
What We Like
- Receive, hold, and exchange money in more than 25 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
- Funds held outside of US-based account or in crypto may be uninsured
Features
- Up to three physical and 200 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 25 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 |
Note that Revolut is a business fintech platform backed by FDIC-insured Community Federal Savings Bank and Sutton Bank. Prices listed above are for US-based accounts. To trade or purchase crypto, you must have an account outside the US. See Revolut’s website for pricing details in other currencies. | |
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 three currencies, exchange up to 28 currencies, and spend in more than 150 currencies.
- You’re an overseas business looking for a fintech company that allows you to buy and sell more tokens: With Revolut, you can purchase and sell more than 120 tokens, including Bitcoin, Polkadot, Cardano, Ripple, Ethereum, Polygon, and Solana.
While US-based businesses are unable to 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 seven checking options, i.e., four business accounts and three freelancer accounts
- Best exchange rates and perks in the three paid business accounts are as follows:
- Grow ($30 monthly)
- Scale ($119 monthly)
- Enterprise (custom price)
- Freelance accounts are as follows:
- Basic (free; no opening deposit or minimum balance requirements)
- Pro ($9.99 monthly)
- Ultimate ($39.99 monthly)
- Best exchange rates and perks in the three paid business accounts are as follows:
How We Evaluated the Best Business Bank Accounts for Cryptocurrency
We considered hundreds of domestic bank and neobank products when compiling this buyer’s guide. When we evaluated the best business bank accounts for cryptocurrency, we 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
Additional documentation may be required for cryptocurrency businesses looking to open an account in the US. For a downloadable checklist of documents banks typically require, see our guide on how to open a business bank account.
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, and 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. A lot of 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 similar to individuals. When purchasing crypto, you need to 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. Determine your banking needs, consult your financial professional, and choose the bank that best meets those needs.
