Which UK Banks Are Integrating Cryptocurrency Into Their Digital Platforms?

Ever since cryptocurrency emerged, it has been transforming the ways we interact with money. It's just that these digital currencies offer more perks than we ever had with traditional payment methods. The rise of crypto has impacted several industries, from banking to e-commerce.

In the world of e-commerce, crypto has removed the need for intermediaries, creating low-cost global transactions and fully peer-to-peer spending.

Crypto has also transformed the online gambling industry. It was only natural for online casinos to integrate crypto into their operations as players sought faster payouts, lower transaction fees, and enhanced security compared to traditional payment methods.

For UK players, this integration of crypto brought online casinos not on Gamstop, which offer all of the above-mentioned perks. Not only this but with lower processing fees, these casinos now also offer better promotions and bonuses to players.

With more and more people making a switch to crypto and ditching traditional banking methods, banks could no longer ignore digital currencies.

First, we saw new challenger and neobanks, such as Monzo and Revolut, attract a lot of attention due to their cryptocurrency integrations. These digital banks were investing heavily in technology, aiming to offer more convenience to UK customers.

One of Revolut's selling points is that it's a customer's way into crypto. The bank offers access to cryptocurrency exchanges and 0% transaction fees based on the type of plan and daily trading volume.

The bank also advertises its crypto plans for businesses, which are specifically designed for companies that want to integrate digital currencies into their financial operations. Due to perks like these, the bank reached 10 million customers in the UK last September, putting its total global consumer base at an impressive 45 million.

The same applies to Monzo, which is estimated to reach over 14 million customers by the end of 2025. This challenger bank offers its customers the ability to use a range of cryptocurrency exchanges, including Coinbase, as part of their personal banking.

Additionally, the emergence of fintech banks has presented both threats and new opportunities for traditional banks. With more and more banks partnering with these firms, traditional banks are constantly pressured to improve their digital offering.

With things playing out this way, it's no surprise we're seeing traditional banks in the UK dipping their toes into crypto more and more. Just recently, Barclays, one of the country's “Big 4”, disclosed a $131 million stake in BlackRock's iShares Bitcoin Trust (IBIT).

This shows that traditional banks can no longer ignore crypto and are slowly turning their focus towards digital assets and blockchain technology. With the growing confidence in Bitcoin and cryptocurrency in general, could this mean we'll get to see even more integration of crypto in their digital platforms?

Another significant development in the UK's crypto landscape is the exploration of the digital pound. The Bank of England has been actively working on the potential introduction of a central bank digital currency. Although the bank hasn't yet decided on whether this currency will see the light of day, it's definitely something to keep an eye on in the coming years.