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Business Banking for Crypto Companies

crypto banking


BUSINESS BANKING FOR CRYPTO COMPANIES

List of business banks in the US and near shore that are accepting crypto
businesses as customers. National Banks, Super Regional Banks, Regional Banks
and Near-Shore Banks are included


 * GIL HILDEBRAND
   
   Read more posts by this author.

GIL HILDEBRAND

28 Mar 2023 • 3 min read

The sky is beginning to clear a little.

This from the Wall Street Journal, March 27, 2023:

A few weeks ago, crypto circles were abuzz with talk that Washington was
plotting to kill crypto by cutting off its access to the banking system in what
some commentators dubbed “Operation Choke Point 2.0.”

Those fears have now somewhat abated, as banks have stepped up to fill the
vacuum created after Silvergate shut down and Signature was placed in
receivership with the Federal Deposit Insurance Corp. earlier this month.

“There are dozens of other banks, both onshore and offshore, that are taking
advantage of this opportunity,” said Rich Rosenblum, co-founder and president of
crypto trading firm GSR.

True enough, but it can still be a rather challenging gauntlet to run in finding
a bank, setting up an account and getting comfortable with your banking
provider.

Hundreds of businesses lost their crypto business banking accounts with the
implosions of Signature, Silvergate and Silicon Valley Bank (SVB).  

SVB banked a large number of SaaS companies who now feel a little less than
sanguine about banking with the FDIC-operated bank.

Below is a list of banks, domestic and near-shore, that we currently believe are
providing banking services to companies engaged in the crypto industry.


CLARIFICATION



There are three categories of crypto companies needing banking.

 1. Low Risk: Companies engaged in the crypto industry which provide services to
    other companies in the industry, and generally deal in fiat currencies for
    revenue and expenses.  They may occasionally accept a crypto payment into a
    wallet, but quickly convert their coins into fiat and deposit into a bank.  
    Example: SaaS companies.
 2. Medium Risk (perceived): Companies engaged in the crypto Industry which
    provide services to other companies in the industry, and deal in fiat
    currencies for revenue and expenses, or accept crypto payments and make
    crypto payments.  Example: Miners.
 3. High Risk: Companies which handle the crypto accounts of others, hold
    inventories of crypto assets, make and receive payments in crypto, and make
    a market in coins, or have issued their own coins.  Example: Wallets,
    exchanges, or protocols.

For purposes of this article, we will only be dealing with banks which deal with
companies in the low and medium risk categories.  

High Risk wallet and exchange banking requires a level of banking sophistication
that is rarely needed by typical crypto companies.  

It’s been our experience that wallets and exchanges already have some, if not
many, banks that they rely on in multiple countries.

We denote “perceived” Medium Risk because if a banking customer only interacts
with the bank in fiat currencies, we struggle to see what the potential risk for
the bank is.  

The exception being potential regulatory actions at some point in the future
which might paint all crypto companies with a wide brush and cause compliance
issues with a bank.

In the list below, one thing to consider is whether you want to consider using a
national bank, super regional (covering several states) or regional bank.

Using a national bank, once you have matriculated their risk review process,
gives you the opportunity to remain rather small relative to the myriad other
accounts they have.

But a national bank (truthfully, any bank) may decide that it needs to exit from
crypto for reasons that have nothing to do with your specific account or niche.

You could wake up one morning to a wholesale exit from any business associated
with crypto.

Which merits the discussion of "Should I have two active banking accounts?"

Unfortunately, despite the inconvenience, it may be a prudent choice.


LIST OF BANKS



National Banks: As of 3/28/2023, these banks continue to bank the Low and Medium
risk categories are:

 * JP Morgan Chase
 * Bank of New York Mellon Corp

Domestic Super Regional and Regional Banks: As of 3/28/2023), these banks are
banking Low and (varies) Medium risk crypto companies:

 * BankProv
 * Cross River Bank
 * Customers Bancorp
 * Fifth Third Bancorp
 * Mercury Bank
 * Surety Bank
 * United Texas Bank
 * Western Alliance Bank
   

Near-Shore Banks: As of 3/28/2023, these banks are banking Low and Medium risk
crypto companies:

 * FV Bank - Puerto Rico
 * Capital Union Bank - Bahamas

This list is not meant to be exhaustive.

If you know of additional banks (or you are a bank!) that is/are providing
banking services for crypto businesses, send us a quick note at
gil.h@gilded.finance and we will be happy to add them to this list.

We're all in this together.

Good luck and happy bank hunting(?).

Gil Hildebrand
CEO
Gilded Inc.


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Crypto Accounting


CALCULATING HISTORICAL BALANCES FOR CRYPTO ASSETS

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 * Gil Hildebrand

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