The blockchain regime has been around for some time now, yet a lot of banks and economies do not feel comfortable in dealing with them. The main reason behind this reluctance is the belief that cryptocurrencies are majorly used to launder money. But with the overwhelming increase in the investment by all sectors into the blockchain industry has led the banks to reconsider their strategy.
As a result, more and more banks and economies are incorporating digital currency into their mainstream economic systems. Subsequently, the UK has also made advancements in the field. This resulted in the generation of new crypto-friendly strategies and spawning of crypto-friendly banks over the United Kingdom that offer services in the digital currency regime.
Crypto-friendly banks of the UK?
Interestingly, like all other countries, the UK has been reluctant into stepping into the cryptocurrency arena. This reluctance ultimately gave rise to people investing out of the UK banks and into the crypto-friendly banks in other parts of the world.
Seeing this increasing trend, the UK has now decided to invest in the crypto-friendly banks and make their existing banks to facilitate the Cryptocurrencies. Meanwhile, the major conventional banks are developing systems to incorporate the cryptosystem, a few have already started providing the services.
For instance, the following banks are providing or are about to start crypto-friendly banking services to their clients in the UK:
Bankera is one of the banks that is planning to start crypto-friendly banking services for its clients. The European bank is also planning to bridge the gap between conventional and blockchain industry. Furthermore, the bank aims to provide Crypto exchange services for its clients. Their current collaboration is with SpectroCoin, who is a brokerage provider company for the clients. Thus, in the near future clients with Bankera will be able to deal in the cryptocurrencies just like conventional currencies.
Barclays is one of the oldest and largest banks in England. As a result, Barclays decided to work with Coinbase in 2018. The users were allowed to register their accounts with Coinbase and open their crypto accounts. Thus, it became easier for Barclays’ users to transact in Cryptocurrencies. According to our reports, Barclays is currently working with different cryptocurrency experts and incorporating a broader usability framework for its clients.
Monaize is another integrated banking platform that provides great crypto and traditional banking services for its users. Like all other crypto-friendly banks, Monaize offers online services of a crypto wallet, insurances and payment solutions. Though, the services being provided currently are very primitive and are being expanded with time.
Wirex is another crypto-friendly banking service provider who will provide a cryptocurrency wallet for its clients. The currency account for the clients will be based in the UK and will be registered with the UK financial conduct authority. Thus, using Wirex services, you can easily manage your cryptocurrencies along with your traditional currencies.
The USP for the Wirex crypto services is the ease of conversion between traditional and cryptocurrencies. Using the Wirex visa card, you can spend your Cryptocurrency like traditional currency (after conversion).
Summing up, it can be seen that banks are working to incorporate crypto-friendly economic facilities in the existing system. As a result of this, more and more people who had to open an account out of the UK will be facilitated. This will further result is increased investment in the Cryptocurrency regime in the UK, which will prove beneficial for the economy.