Cryptocurrency is becoming a prominent part of the financial landscape, but most U.S. banks have yet to make digital assets part of the customer experiences. Despite growing interest in crypto, many consumers still have little idea whether their bank offers related services, let alone how to access them.
Research conducted by Harris Poll for the National Cryptocurrency Association highlights that disconnect. Nearly two-thirds of respondents said that no one at their bank or credit union had even raised the possibility of cryptocurrency with them, while nearly half were unsure their institution offered any crypto services at all.
Nevertheless, consumer interest is beginning to take shape. Nearly a quarter of those surveyed said they would like to buy crypto ETFs or funds through their bank, or have the institution buy and hold cryptocurrency on their behalf. Another 18% expressed interest in getting help with buying and using stablecoins, as well as making payments with crypto.
States Are Expanding Banks’ Role
The regulatory landscape is also evolving, giving financial institutions more opportunities to enter the market. As of August 1, Minnesota began allowing financial institutions to provide crypto custody services in a nonfiduciary capacity and work with third-party service providers or subcustodians. It joins states, including New York, Virginia, and Wyoming, which already permit certain banks to custody digital assets.
Consumer attitudes suggest there could be an audience for these services. More than half of respondents surveyed said they would be comfortable with their primary bank holding crypto on their behalf, while 60% expect most U.S. banks to offer crypto services within the next decade.
Looking for Guidance
Trust could prove to be an important factor in adoption. Two-thirds of respondents expressed confidence in their bank or credit union’s ability to provide reliable crypto guidance. Meanwhile, 40% said they would be more likely to open an account or deepen their relationship with a bank that offers crypto services.
“Banks should be asking how many customers hold it, what they use it for, and what support they would value to better understand the opportunities,” said Joel Hugentobler, Cryptocurrency Analyst at Javelin Strategy & Research. “For banks considering a product launch, the next step should be a focused offering tied to customer demand, supported by the right partners and operating controls. The fact that 58% would feel comfortable with their bank holding crypto suggests that banks have an opening here.”