Opening a Business Account with Easy Crypto Banking11 min read
Reading Time: 5 minutesIf you’re a business owner looking to get into the world of cryptocurrencies, opening an account with a digital bank can make crypto banking simpler than dealing with traditional banks. In this article, we’ll explore how The Kingdom Bank provides an easy option for businesses to manage crypto investments and transactions directly from their online account.
Best Digital Bank to Do Easy Crypto Banking
As the demand for crypto banking has grown, more digital banks have emerged that are specialised to serve this market. The Kingdom Bank stands out as one of the best options for businesses due to our licensing, features, and customised services.
Licensed in Dominica, The Kingdom Bank is authorised to provide banking services globally under prudent financial regulation. This legal framework gives customers confidence that their crypto assets and fiat currencies are protected according to international banking standards.
Beyond security, businesses will appreciate the wide array of digital banking tools offered through a single online account. With The Kingdom Bank, setting up a multi-currency business crypto account is straightforward. From there, customers can easily purchase and exchange over 50 supported cryptos, hold balances in 20 currencies, and make both crypto and fiat transactions seamlessly in one place.
Account management is optimised for mobility as well. The Kingdom Bank mobile app allows on-the-go access to accounts from any smartphone. Customers can monitor their portfolio value in real-time, deposit or withdraw funds, trade cryptos, and even use the virtual debit card to make purchases from their crypto or fiat balances while travelling internationally.
Businesses specifically benefit from The Kingdom Bank’s partnership network. As a digital-first bank, The Kingdom Bank provides solutions for sophisticated operations like international payments through established banking correspondents. And with dedicated relationship managers available, larger clients can get tailored crypto banking services to support critical operational needs.
How to Apply to Open a Crypto Banking Account?
Now that we’ve established why The Kingdom Bank is a great choice, let’s walk through the simple process to open a crypto account and start taking advantage of their crypto banking services:
- Create an online account
Navigate to The Kingdom Bank website and select “Open an Account” to begin the application process. You’ll provide basic business and contact information
- Verify your identity
Next, The Kingdom Bank will need to verify the identity of account signers in accordance with global anti-money laundering regulations. Upload photos of valid government ID for each representative.
- Submit business documents
Provide basic paperwork such as articles of incorporation, business licence, and details about beneficial owners. The Kingdom Bank handles document verification through their licensed partners.
- Fund your account
After approval, you can initiate deposits from your bank to fund your new crypto banking account. The Kingdom Bank accepts a variety of fiat currencies for purchases.
- Start using your account!
Login to The Kingdom Bank platform and you’ll be ready to access top cryptocurrency exchanges, hold a variety of assets, and easily conduct both crypto and fiat transactions internationally.
Can Crypto Banking Transactions Be Made with a Business Account?
One common question from businesses is whether crypto exchanges integrated with crypto banking platforms allow commercial transaction activity. With The Kingdom Bank, the answer is yes – business owners can absolutely use their account to conduct crypto transactions for business purposes.
While some traditional banking providers shy away from any crypto activity, The Kingdom Bank embraces the reality that digital assets are becoming increasingly important for commerce. Through partnerships with leading exchanges, businesses have full access to trade over 50 major cryptocurrencies against fiat currencies.
Transactions can be made either to take advantage of crypto price fluctuations or to accept certain cryptocurrencies as payments from customers. Exchanges clearly label commercial/institutional trade options. Volume limits tend to be higher as well to support operational needs.
Perhaps most importantly from a compliance perspective, businesses are able to conduct crypto commerce with the same regulated authorization they have to manage bank wires, foreign exchange, and investments through The Kingdom Bank. All crypto transactions appear transparently on statements just like standard banking movements.
5 Transactions You Can Make on the Crypto Exchange with Your Business Account
Now that we know crypto exchanges integrate seamlessly with business crypto banking accounts at The Kingdom Bank, let’s explore some of the main types of transactions businesses can commonly conduct:
Exchange Cryptocurrencies
The most basic function is swapping between supported cryptocurrencies like exchanging Bitcoin for Ethereum based on live market exchange rates.
Buy/Sell Cryptocurrencies with Fiat
Businesses can purchase cryptos using deposited fiat currencies from their bank or sell holdings back into various fiat balances to realise gains or funds business operations.
Use Cryptocurrencies for Payments
Progressive businesses may opt to accept cryptocurrency forms of payment from customers in addition to traditional payment methods.
Crypto Remittance and Payments to Suppliers
Cross-border settlement of invoices or supplier payments can be streamlined through cryptocurrency transfers to save on wire fees.
Leverage Crypto Lending/Borrowing
More sophisticated platforms allow borrowing cryptos at interest to capitalise on short-term market moves or lending out holdings to generate yield.
Why Should Businesses Have a Crypto Banking Account?
By now the core advantages should be clear – those in business stand to benefit tremendously from gaining exposure to the high-reward opportunities presenting themselves through cryptocurrencies and blockchain technology. Here are a few more compelling justifications for opening a crypto banking account:
Diversify investment assets: Cryptocurrencies represent an entirely new asset class relative to traditional stocks or bonds. Diversification across crypto, fiat, and other asset classes mitigates risk.
Cut wire transfer/remittance costs: Using cryptos for international payments can save big on wire fees, foreign exchange markups, and processing delays versus legacy banking rails.
Accept new forms of payment: Accepting select cryptocurrencies opens your business to an entirely new borderless customer base willing to spend digital assets.
Access lucrative lending/borrowing markets: Crypto-backed lending and liquidity protocols allow putting capital to work earning interest or short-term arbitrage profits.
Hedge against currency volatility: Businesses with multi currency income/expenses may hedge FX risk through crypto pairs like stablecoins pegged to the US dollar.
Stay competitive through innovation: Early crypto adopters gain network effect advantages as the new digital economy takes hold globally. A crypto banking account keeps strategic options open.
The transition to mainstream adoption of blockchain and crypto is well underway. Forward-thinking businesses will want to establish a regulated pathway into this booming landscape through service providers like The Kingdom Bank offering seamless crypto banking services tailored explicitly for commercial needs.
Businesses both small and large can get started advancing into the world of crypto opportunities through the simplified process of opening an account with a licensed digital bank. The Kingdom Bank makes it easy to gain exposure through a single integrated banking platform while staying fully compliant. Our security, global reach, and custom crypto banking services let businesses focus on what really matters – running their operations profitably.
