What are crypto-friendly banks?

Crypto-friendly banks offer traditional banking services alongside crypto offerings. Juno offers a banking suite, crypto trading, cashback debit card rewards, and loyalty program. Robinhood offers cash deposits with FDIC insurance and up to 3% APY. Revolut offers a traditional banking stack with wealth products to buy stocks and crypto.

Are banks investing in cryptocurrencies?

On BNY's roster is Fireblocks, whose platform allows financial institutions to issue, move and store cryptocurrencies. Banks have been investing the most in the area of crypto custody, or services under which companies look after their clients' digital assets for a fee, said Blockdata.

What is cryptocurrency and how does it work?

What it is and how it works. Cryptocurrency is a digital asset, intended to be a cash alternative, typically in the form of electronic tokens or “coins.” It can be used to buy goods or services, or used for investing, in the way you would a stock. Although some U.S. retailers currently accept it, cryptocurrency’s not yet a common payment method.

Are banks grabbing a piece of the booming cryptocurrency market?

Financial institutions are grabbing for a piece of the booming $2 trillion cryptocurrency market, with 13 of the world's largest banks pushing roughly $3 billion in funding so far into cryptocurrency and blockchain companies, according to analytics company Blockdata.