What should I do with my company's money?
For a great overview of a standard treasury management / investment policy for startups, check out the SIPS (Standard Investment Policy for Startups) by InterPrime:
Banking Partners
For your company (note: we recommend having two bank accounts for diversification in case one is temporarily frozen you still have capital to run your business). Here are a number of banks that have partnered with our portfolio companies previously.
If you have any vendor recommendations or feedback on the vendors below, please feel free to send it via the Comment Box.
Signature Bank
Signature Bank is a full-service commercial bank with offices in the five boroughs of New York City, focusing on serving the financial needs of privately owned businesses, their owners and senior managers – a group of clients who often find themselves underserved by the area’s larger financial institutions. Contact: Client Care They're the best crypto focused bank if you can get an account there. Sarmen Saryan - Digital Asset Banking (SSaryan@signatureNY.com). Typically don't bank payment processors, reserve account for stablecoins, and retail-facing exchange activities. No fees. Multi-currency accounts available in Q4 2019.
Silvergate Bank
Teddy Hanson, Fintech Account Manager thanson@silvergatebank.com
Customers Bank
Customers Bank is looking to bank crypto companies. They have a crypto-native blockchain team and offer no account maintenance fees and low wire fees. They use the same real-time settlement network as Signature.
Robb Layfield (ex-Silvergate) - rlayfield@customersbank.com
Metropolitan Bank
Metropolitan Bank’s goal is to provide our customers with the best community banking experience possible. They remain committed to the idea that bank-customer relationships should be personal and they make an effort to know their clientele, and adapt our service to best meet their business and personal needs.
The Provident Bank
Provident is "building a crypto bank from scratch" to provide digital-first banking and API access to digital currency clients.
From July 2019 press release:
The Provident is entering into digital assets having worked with one of the top compliance consulting firms, Treliant, LLC. Treliant advises the financial services industry on various compliance and regulatory issues including policy, regulations and operational risk. Additionally, The Provident is using Bitfury’s Crystal blockchain analytics platform as part of its seamless onboarding process. The Regtech partnership will also help ensure that new clients at The Provident have a fully compliant AML program in place, and will be utilizing Crystal’s advanced transaction monitoring solution to provide more visibility into their activities on the public blockchain. Once reviewed and approved, a dedicated Relationship Manager will be assigned to each client.
Bank Frick
Bank Frick is a private bank based in the Principality of Liechtenstein with its headquarters in Balzers. Bank Frick's roots lie in private banking and the development of financial services for an international clientele. The bank is now strategically expanding its digital banking services business, focusing on private clients, corporate and fund clients.
Please note that we do not serve US companies or US Persons.
Basically, the core service we’re offering are simple corporate accounts. However, thanks to your experience in various business areas such as blockchain, fintech or other innovative business models, we’re willing and capable to offer such service also for companies which are facing high barriers to opening accounts with either neobanks or even established banking institutions.
On top of the classical corporate account we offer securities as well as crypto-asset trading and custody. Additionally, credit financing or capital markets financing are modular on-top services, depending on the individual case and circumstances.
Please also note, that in case of any involvement of US persons – be it as UBO, shareholder, member of management or even only as an authorized person so access accounts via read-only or full functionality – we’ll need to apply a deeper due diligence as well as separate internal approval processes. In such cases the services we can offer (if at all) heavily depends on the matters of fact at hand.
Finally, be aware that our tailored service offering cannot be compared to an ordinarily scalable offering and hence our fees might not match the structure your portfolio companies get offered by a bank around the corner. Nevertheless, given our extensive experience in servicing innovative business models we’re predestined to certainly add-value in specific cases.
Contact: Fabio Tommaschetti (ICO) Mauro Casellini
Fieldpoint
Fieldpoint Private is a fast-growing wealth advisory and private banking boutique serving ultra-high-net-worth families and institutions.
Christian Gallo [mailto:cgallo@fieldpointprivate.com]
Bank of America
Bank of America is one of the largest and oldest banks in America. Surprisingly, they seem to be relatively friendly to crypto clients, provided you're not doing anything too crazy.
Quontic Bank
From Nov 2019 Coindesk article:
"A little-known, NYC-based bank called “Quontic” has become the latest of a handful of US-based financial institutions to have agreed to work with the cryptocurrency sector, according to a recent report from CoinDesk. The bank, which has just $420 million in assets (JPMorgan,by comparison, has more than $30 trillion), opened a checking account for an unnamed Bitcoin ATM firm–its first crypto client–several weeks ago, and claims to be in contract negotiations to open accounts for another new cryptocurrency company, which was also unnamed."
From The Block Genesis:
Bank Frick is a family-run enterprising bank based in Liechtenstein. Services: Banking to crypto companies, allows clients to buy crypto, custody, advisory
BANXA is an international compliant fiat-to-crypto on-ramp based in Australia and the Netherlands. The company services exchanges, wallets, and other cryptocurrency businesses. Services: Processes payments for crypto companies
Bilderlings is a cross-border remittance platform based in London, England. The company is a SEPA scheme participant and a SWIFT member, providing payments worldwide and international transfers in 21 currencies. Services: Banking to crypto businesses
Bitcoin Suisse* is a crypto-financial services provider based in Zug, Switzerland. Services: Custody, lending, staking now; eventually also banking
BlueOrange Bank is a bank headquartered in Latvia. The institution services both private clients and businesses. Services: Banking to crypto companies
Cashaa is an online banking platform for crypto-related businesses that have issues with securing a traditional bank account. Based in London, England the alternative banking provider was founded by Janina Lowis and Kumar Gaurav. Services: Banking to crypto businesses
ClearBank is a clearing bank based in the United Kingdom. Services: Banking to Coinbase, Binance Jersey, LBX, Archax
Contis provides full back-end & front-end payment services across the UK. The company offers a current account that allows its users to spend money converted from cryptocurrencies on everyday purchases. Services: Processes payments for crypto companies
Dukascopy Bank is a Swiss online bank based in Geneva, Switzerland. Services: Leveraged crypto CFD trading, banking to crypto companies
Falcon Private Bank is a wealth manager based in Zurich, Switzerland. The bank is in the process of transferring its client relationships to another Swiss Private Bank and ceasing its private banking activities by 2021. Services: Cryptocurrency custody and banking to crypto companies
Fidor Bank is a German online bank that is headquartered in Munich. Services: Banking to Kraken, bitcoin.de
Founders Bank* is a project in-development to provide banking services to emerging tech/blockchain companies. The firm is based in Malta and is in the process of obtaining a full EU banking license
Gazprombank (Switzerland) is a Swiss-registered bank. Services: Will offer banking to crypto companies, custody, advisory
Gorenjska banka is a Slovenia-based commercial bank. Services: Banking to Bitstamp
Hypothekarbank Lenzburg is a Swiss mortgage. Services: Banking to established crypto companies
InCore Bank is a business-to-business transaction bank headquartered in Switzerland. Services: Banking to crypto companies
Intergiro is a European online banking platform that provides multi-currency bank accounts, card issuing, and card acquiring. Services: Banking to crypto businesses
Koinal is a platform based in the UK that allows users to purchase cryptocurrencies. The company uses a proprietary exchange technology that detects fraud and uses encryption technology to protect payments. Services: Processes payments for crypto companies
LHV Pank is the fourth largest bank in Estonia. The Bank provides services to private individuals, small and medium-sized companies, and institutional investors. Services: Banking to Coinbase
Majestic is a European licensed payment platform based in Lithuania. Users can transact in 17 currencies with multi-bank and multi-currency IBAN accounts and conduct instant cross-border payments
Mercuryo is an Esotinian payment solution provider that provides a crypto-wallet, a fiat to crypto on-ramp, and a debit card. Its cross-border payments network enables merchants to receive payments with cryptocurrencies. Services: Processes payments for crypto companies
Mistertango is a crypto-friendly payment account based in Lithuania where businesses can open an IBAN account. Services: Banking to CEX.IO, itBit, Quoinex, Coingate, Exmo
Orounda is a payment service provider based in the UK that offers more than 50 payment methods. The company specializes in innovative payment methods, including cryptocurrencies, Forex tools, and e-wallets.
Paytah is a payments solution provider regulated by the Malta Financial Services Authority (MFSA). Users are able to open an IBAN account to receive payments globally. Services: Banking to crypto businesses
SEBA is a Swiss cryptocurrency bank that provides financial products, crypto-collateralized lending, asset tokenization, and transaction banking. Services: Will offer banking to crypto companies, custody, advisory
Simplex is an EU licensed fintech company based in Lithuania that provides payment processing for companies. The firm services cryptocurrency exchanges, broker websites, and wallet applications with a fully protected fraud-free platform for selling Bitcoins with a credit card. Services: Banking to crypto businesses
solarisBank is a fintech company with a German banking license. Services: Banking to Bitwala, offers banking and KYC for crypto exchanges
Swissquote is a Swiss banking group based in Gland, Switzerland. Services: Crypto custody and banking to crypto companies
Sygnum is a digital asset bank with a Swiss banking license and a Singapore asset management license. Services: Banking services such as custody, deposits, credit and lending, capital issuance, brokerage and asset management within
TrustPay is a licensed payment company based in Slovakia that services the EU. Its payment platform provides instant bank transfer and card payment processing for over 60 banks in Europe. Services: Banking to Binance Jersey
Vontobel is a private banking and asset management group headquartered in Zulich, Switzerland. Services: Futures, cryptocurrency custody, and banking to crypto companies
VPE Bank was a German bank known for a cryptocurrency trading service. Recently, BaFin revoked its license for banking transactions and financial services.
WEG Bank AG is a Munich-area financial institution. The bank was acquired by multiple crypto companies including Nimiq, TokenPay, and the Litecoin Foundation. Services: Banking to crypto companies
Ziglu is a licensed Electronic Money Institution (EMI) by the U.K.’s Financial Conduct Authority that provides peer-to-peer (P2P) payments for both cryptocurrencies and fiat currencies. Services: Banking to crypto businesses
Cross River Bank is a state-chartered commercial bank based in Fort Lee, New Jersey. Services: Banking to Coinbase
Evolve Bank Trust is a bank headquartered in Memphis, Tennessee. Services: Banking to Kraken
Flutterwave is a payment service provider for merchants to receive cross-border payments. Based in San Francisco, California, the company was founded by Iyinoluwa Aboyeji and Olugbenga Agboola. Services: Processes payments for crypto companies
J.P. Morgan is an American multinational investment bank and financial services holding company based in New York City. Services: Banking to crypto exchanges (Coinbase and Gemini)
M.Y. Safra Bank, based in New York, provides business and private banking services. Services: Banking to cryptocurrency trading firms
Metropolitan Commercial Bank is a full-service banking center headquartered in New York. Services: Provides services to Crypto.com and crypto startups
Prime Trust, headquartered in Nevada, is a technology-driven trust company that focuses on digital assets. The company provides custody services, compliance services, payment solutions, and transaction settlement. Services: Banking to Binance US, HBUS
Provident Bank is a banking company based in Jersey City, New Jersey. Services: Banking to crypto companies
Signature Bank is a full-service commercial bank based in New York. Services: Banking to crypto businesses (Bittrex, ConsenSys, Polychain, ShapeShift, BitFlyer, etc.)
Silicon Valley Bank is a U.S.-based high-tech commercial bank based in Santa Clara, California. Services: Banking to crypto businesses (Coinbase, Circle, Algorand, etc.)
Silvergate Bank is a bank for fintech and cryptocurrency companies based in La Jolla, California. Services: Banking to Xapo, Paxos, Circle, Gemini, bitFlyer, Kraken, Coinbase, Bitstamp, and Bittrex
VersaBank is a Canadian Schedule I chartered bank. Founded as a trust, the bank provides two primary services which include deposits and financing. Services: Provides a cryptocurrency vault (custody) service
Pacific Private Bank is a full-service bank based registered in Vanuatu that specializes in wealth and asset management. Services: Banking to crypto companies
Ansbacher is a financial institution based in the Bahamas. The bank provides private banking, wealth management, fiduciary services, and operates a family office Services: Banking to crypto companies
Deltec Bank is a private and corporate bank based in the Bahamas. The institution services investors, financiers, and entrepreneurs. Services: Banking to crypto companies
For personal banking: Ally Financial and Radius Bank are known to be crypto friendly
Silicon Valley Bank
“We had a bad experience with SVB. Strongly recommend avoiding them. We wasted ~4 months trying to setup a relationship with them and they were comatose level responsive. This always makes me nervous with banks because if something came up, it’s important for them to be responsive. We've had a much better experience with Field Point.” - A Pantera Portfolio Founder
Treasury Management
Amber Group
We help our clients earn passive income using their cryptocurrencies. Our high-performance infrastructure enable us to build and implement systematic processes that aim to deliver absolute returns uncorrelated to market movements, while allowing clients to retain their preferred exposure. Our treasury management program spans multiple currencies, with denominations in BTC, BCH, ETH, XRP, EOS, USDT, and USDC.
Contact Michael Wu, CEO at michael.wu@amberaigroup.io for more information.
Wave Financial
Wave Financial, a Registered Investment Advisor, provides compliant access to crypto backed loans and bitcoin derivative markets.
Wave Financial's crypto lending strategy seeks to generate an attractive risk adjusted yield through stablecoin lending while factoring in the associated credit and counterparty risks.
Email Tom Lombardi at tom@wavegp.com or book an appointment here.