I use Fidelity and they offer crypto services but not in all states. If you own multiple pieces of property in different states chances are you can now start investing in crypto using a brokerage… But banks are not exactly handing out wallets like free pens at a branch opening which would be a dealmaker for me to use a bank again. Let’s break it down.

Traditional Banks: Crypto Curious, Not Committed

Big names like Bank of America, JPMorgan Chase, and Wells Fargo aren’t offering crypto wallets to everyday customers—yet. Instead, they’re playing in the crypto sandbox with institutional clients or high rollers in their wealth management divisions. For example:

• JPMorgan Chase has its own digital coin (JPM Coin) for big-shot payments and offers Bitcoin funds to rich clients, but no retail wallets.
• Bank of America lets some folks trade Bitcoin futures through subsidiaries like Merrill Edge—still no wallet in sight.
• Goldman Sachs gives wealthy clients access to Bitcoin and Ethereum funds, but they lean on external custodians rather than building their own wallet system.
• Fidelity – this is a solid choice but you still don’t hold the keys.

So, if you’re hoping to log into your checking account and see a shiny new crypto wallet tab, you’re probably out of luck for now.

Custody: The Bank’s Version of a Wallet

Here’s where it gets interesting. Since 2020, U.S. regulators (shoutout to the OCC) have greenlit national banks to custody crypto assets. That means banks like BNY Mellon can hold your crypto keys for you—kind of like a wallet, but with them in control. The catch? These services are aimed at hedge funds and big investors, not the average Joe or Jane wanting to stash a few Satoshis.

Crypto-Friendly Banks and Fintechs

Some smaller players and fintechs are bridging the gap:

• Revolut, a neobank, offers in-app crypto wallets where you can buy, sell, and hold coins like Bitcoin. It’s custodial, though—you don’t get the private keys.
• Cash App (from Square) lets you buy Bitcoin and even send it to your own wallet, blending banking with crypto vibes.
• Ally Bank teams up with Coinbase for crypto purchases, but they stop short of offering a wallet themselves.

These options are closer to what you might want, but they’re still not your traditional brick-and-mortar bank.

Why Aren’t Banks All In?

Banks are cautious for a reason:

• Rules, Rules, Rules: Anti-money laundering (AML) and know-your-customer (KYC) regulations make retail crypto wallets a headache to roll out.
• Risky Business: Crypto’s wild price swings and the nightmare of securing private keys don’t mesh well with banking’s safety-first mindset.
• Custodial Control: When banks do crypto, they prefer to hold the keys themselves (custodial wallets) rather than letting you manage them (non-custodial, like MetaMask). Less liability that way.

What’s Coming Next?

The buzz on X and recent headlines hint that change is brewing. The FDIC reportedly loosened up in early 2025, letting banks dabble in crypto without jumping through extra hoops. Could that mean in-app Bitcoin buys or built-in wallets at your bank soon? Maybe—but don’t hold your breath just yet. Big banks will likely test the waters with their VIP clients before bringing it to the masses.

The Verdict

Right now, traditional banks aren’t your go-to for crypto wallets. If you want one, fintechs like Cash App or exchanges like Coinbase are your best bet. They’re user-friendly and give you more control (especially if you want those precious private keys). But keep an eye on the horizon—banks might just surprise us as crypto keeps heating up.

What do you think—would you trust your bank with your Bitcoin? Drop a comment below and let’s chat about it!

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