The financial system is evolving and some of the most crypto-friendly online banks are working every day so that financial decentralization can be adopted and used by many more users.
The goals they are working hard on are:
- more user-friendly interface;
- system requiring less energy expenditure, a goal that will be achieved with the highly anticipated Merge.
The interesting intermediate step between a traditional banking system and a completely decentralized system is undoubtedly online banking.
Banks with more sophisticated services and usage systems that stand out for efficiency and speed.
Online banks, contrary to popular belief, are very safe because they were born on the web and know the risks of the Internet. They use special encryption programs that only allow access to secure sites!
In addition, banking groups that mainly carry out digital activities have a limited number of physical establishments and staff, therefore fewer expenses to manage. For this reason, the digital service is cheaper than the traditional service.
The ranking of the most crypto-friendly banks
Let’s see together which are the most used online banks.
Revolution head of list.
The company is based in the UK and offers many banking services including prepaid debit card, currency exchange, cryptocurrency exchange and peer-to-peer payments.
It was founded in 2015 in London. Despite Brexit, the company has found a way to maintain and provide quick and easy access to its international customers by obtaining a Challenger banking license from the ECB, facilitated by the Bank of Lithuania.
The Revolut mobile app supports spending and ATM withdrawals in 120 currencies and allows you to send money in 29 currencies directly from the app.
Revolut thus appears as the most wanted online banking service in Europereceiving the most searches in no less than 25 countries.
No less than 71,000 average monthly searches were recorded in Germany and Spain. In Switzerland, on the other hand, 25,000 average monthly searches.
The popular fintech app also announced in August that it had received permission from the EEA regulator to sell Bitcoin in Europe and England through its app.
The EEA in which Revolut will be able to operate includes 27 countries, including the UK, Iceland, Norway and Liechtenstein.
Specifically, Revolut has been given permission to operate by CYSEC, or the Cyprus Securities and Exchange Commission, and Bitcoin will precisely be sold through a hub that the company will open in the country.
Second on the list is Wise, the most searched in nine countries.
The British multinational, based in London, was founded by two Estonians.
wise is the second most searched online bank in 18 countriesincluding Hungary, Greece and Portugal, while it is third in five other countries.
Overall, Wise has 338,080 average monthly searches in Europe.
N26on the other hand, comes in third position, being the most searched in four countries.
The bank under consideration is headquartered in Berlin, Germany, was founded in 2013 and offers financial services to customers in various member states of the Single Euro Payments Area and the United States.
However, UK operations were suspended in April 2020 due to Brexit uncertainties.
N26 ranks third being the most searched in four European countries – Andorra, Austria, San Marino and Slovenia – and the second most searched in four other countries, including Belgium and Luxembourg.
Co-founder of N26 Max Tayenthal admitted a few months ago that it should prioritize expanding its services, including cryptocurrency trading.
In practice, Max Tayenthal confirmed earlier this year that the geographical expansion of N26, which focused more on expansion than on the type of services it offered, including crypto, was not proving to be a winning strategy.
Here is what he said:
“Should we have built trading and crypto instead of launching in the US? Looking back, that might have been a smart idea.
Conclusions of the analysis
The data just presented was collected by a spread betting broker CMC Markets. The latter analyzed a comprehensive list of online banking services available in Europe via Ahrefs to find out the average number of monthly searches each bank receives in each European country.
As a reminder, CMC Markets is a UK-based financial services company that offers online derivatives trading such as spread betting and contracts for differences between global markets such as stocks and currencies.