What is a crypto bank?

Only a handful, such as Bitcoin and Etherium, have widespread appeal. Now for the “bank" part: Any American institution able to call itself a bank must be regulated and licensed to hold U.S. dollars. Put together, a crypto bank in the U.S. can mean a licensed financial institution that can hold customers’ dollars as well as crypto.

Are banks interested in cryptocurrency?

Not among banks, however. A Cornerstone Advisors survey of senior bank and credit union executives found that eight in 10 financial institutions have no interest in offering cryptocurrency investing services to their customers—and just 2% said they were “very” interested.

How many cryptocurrencies are there?

Let’s start with the “crypto” part. Cryptocurrency, or crypto for short, is a digital form of money backed by computer code instead of a central banking authority such as the Federal Reserve. There are more than 19,000 cryptocurrencies. Only a handful, such as Bitcoin and Etherium, have widespread appeal.

How do I buy crypto?

If you use a crypto exchange such as Coinbase or a financial tech firm such as PayPal, buying crypto can be straightforward: You can pay in U.S. dollars and receive the equivalent value in the digital currency you choose. Then, you can view your balance as you would a bank or investment account balance.