Today we will be telling you about The best Crypto-friendly banks in Canada. In one of our posts here on myviptuto.com, we talked of the best crypto-friendly banks in the US.
So, if you are based in Canada and deals with bitcoin, doegecoin or any other cryptocurrency, the banks we have listed below are the best to use to keep your cryptos.
Bitcoin could be considered as a scam by many and some think the risks involved with BTC and other cryptocurrencies to be too high and not worth taking. To support Crypto transactions, many crypto-friendly banks have emerged. This isn’t surprising as many merchants are now accepting cryptocurrency as a major payment option.
What is a cryptocurrency?
A cryptocurrency is a digital or virtual currency that is secured by cryptography, making it nearly impossible to double-spend.
Many cryptocurrencies are decentralised networks based on blockchain technology—a distributed ledger enforced by a disparate network of computers.
A defining feature of cryptocurrencies is that they are generally not issued by any central authority, rendering them theoretically immune to government interference or manipulation.
A Crypto-Friendly Bank – What is this?
A Crypto-friendly bank is a financial entity that understands the cryptocurrency ecosystem and provides customers an easy way back and forth transactions between cryptos and traditional fiat currencies.
Crypto-friedly banks usually integrate cryptocurrencies and traditional bank operations within the same operations. This is so because cryptos are virtual currencies.
The Royal Bank of Canada
The Royal Bank of Canada is a Canadian multinational financial services company and the largest bank in Canada by market capitalization. It serves over 16 million clients and has 86,000+ employees worldwide.
Founded in 1864, of recent back in 2020,
in 2020, the bank announced plans to launch a trading platform or investments in multiple cryptocurrencies and more with plans to allow customers to open bank accounts that contain cryptocurrencies.
National Bank of Canada
The National Bank of Canada is one of the largest Bitcoin-friendly banks in North America. They have strong partnerships with cryptocurrency exchanges and allow their customers to purchase crypto with their credit cards.
It is the sixth-largest bank in Canada with over 2.4 million customers and has multiple subsidiaries across the country.
Canadian citizens can securely buy and sell Bitcoin and other cryptocurrencies via this bank. And we recommend it since it is heavily regulated, it scrutinizes all cryptocurrency transactions thoroughly.
Now that you know some of the best Banks in Canada that accept cryptocurrencies, you can choose the one that suits you better. Even though cryptocurrencies are virtual money, one will need to have a good structure to use to manage it, do all transactions easily and convert from crypto to fiat currency.