Starting a Web3 or Blockhain Business
Starting a Web3 or blockchain startup can be an exciting project to plan. Whether you’re building a DeFi protocol, launching a token, or creating a blockchain-based platform, one of the most important steps will be to open a business bank account. Having a bank account helps your startup manage money, pay invoices, receive payments, and build trust with partners and customers.
In this article, we’ll explain step-by-step how to open a business bank account for your blockchain or Web3 company. We’ll also cover common challenges and how to prepare.
Why do you need a Business Bank account?
A business bank account is important for any company:
- It helps you separate personal and business expenses. This is useful for bookkeeping and tax reporting.
- It builds credibility. Your customers, investors, and partners will take your business more seriously.
- With a business account, it’s easier to track revenue, expenses, and profits.
- You can send and receive international payments or payroll more easily.
- Some banks offer business loans, credit cards, or financial tools once your account is set up.
Choose the right jurisdiction
Before you apply for a business account, you need to decide where your company is based. This is known as your jurisdiction. Most blockchain startups are set up in countries like those mentioned below.
- United States
- Switzerland (e.g., Zug – Crypto Valley)
- Singapore
- Estonia
- United Kingdom
- United Arab Emirates (Dubai)
Each location has its own rules for business registration and banking. Some are more open to crypto-related businesses than others.
The main point is that if your business is registered in a crypto-friendly country, it’s usually easier to open a business bank account.
Register your company
Banks will only open a business account for a legal entity. So before applying, you need to register your startup officially. This usually means choosing a company type (like LLC or LTD), choosing a company name, and registering with the relevant authority in your chosen country.
After registration, you’ll receive the following documents which are required when applying for a bank account.
- A company certificate
- Company number
- Memorandum and Articles of Association (your company’s rules)
- List of shareholders and directors
Understand what the bank will ask
Traditional banks often see Web3 and blockchain startups as higher-risk businesses. So, the bank will want to understand what your company does. Be ready to explain:
- What your product or service is
- If you use cryptocurrencies (e.g., accept payments in crypto)
- Whether you do token sales or ICOs
- How do you manage compliance and anti-money laundering (AML) rules
- Who owns the company, and who makes the decisions
Prepare a clear business summary, including your website, whitepaper (if available), and your funding structure (VCs, self-funded, token sale, etc.).
Choose a crypto-friendly bank
Not all banks are open to crypto or blockchain businesses. Some will reject your application if they see that you are working with digital assets. It’s better to choose a crypto-friendly bank or financial institution from the start.
Some examples include:
- Bank Frick (Liechtenstein)
- AMINA Bank (Switzerland)
- Silvergate Bank (USA) – Note: under review, check for latest updates
- Revolut Business (UK and EU) – depending on your activity
- Payoneer or Wise (for simpler use cases)
- EMIs (Electronic Money Institutions) – like Mercury, Intergiro, or Modulr
Each institution has different requirements and offers. Some are traditional banks. Others are fintech companies licensed to provide banking-like services.
Gather your documents
- Most banks will ask for the following:
- Company registration documents (see the list above)
- Proof of identity and address for all shareholders and directors
- A business plan or description
- Source of funds (how your business is funded)
- Website or product screenshots
- Regulatory licenses (if any)
Make sure all documents are up to date and clearly presented. If your documents are in another language, translate them into English or the bank’s local language.
Apply for the account
Once you’ve chosen a bank and collected your documents, you can begin the application. Some banks allow you to apply online, while others may ask for a video call or a visit to their office.
The process usually includes:
- Filling out a form with company and personal details
- Uploading all required documents
- A short interview or compliance check
- Waiting for approval (which can take from a few days to several weeks)
Be honest and clear during the process. If something is unclear or if your project is still at an early stage, say so. Banks prefer transparency.
Start using your account
Once approved, you’ll receive:
- An IBAN (international bank account number)
- Online banking access
- Debit or business cards (optional)
- Access to payments and transfers
Make sure to:
Use the account only for business purposes
Keep good records of all incoming and outgoing payments
Report income properly for taxes
Renew documents or ID if required by the bank later on
Tips for success
Here are some tips to improve your chances of getting approved:
- Be clear about your business model: Use simple terms and explain how your startup works.
- Avoid shady or grey-area activities: Activities like anonymous wallets, mixers, or token sales without licenses can lead to rejection.
- Stay compliant: if your country requires KYC/AML, follow those rules. Banks will check.
- Have a professional online presence: A clean website, proper branding, and up-to-date team information help build trust.
- Get expert help if needed: Legal and financial consultants who know Web3 can guide you through the process.
Common challenges
Opening a bank account for a Web3 company isn’t always easy. Some common issues include:
- Long approval times
- Rejection due to crypto activities
- Difficulty proving source of funds
- Requests for detailed compliance procedures
Don’t get discouraged. Many startups go through this. Sometimes you may need to apply to more than one bank or start with a fintech platform and upgrade later.
Bottom line
Opening a business bank account for your Web3 or blockchain startup is a key step toward building a strong foundation. It allows you to manage funds, work with partners, and grow your business.
Start by choosing a crypto-friendly jurisdiction and bank, prepare your documents, and be transparent about your business. With some preparation and the right approach, you’ll be able to find a solution that fits your startup’s needs.
Whether you’re building in DeFi, NFTs, blockchain gaming, or smart contracts, having a proper business account helps bring your vision to life, one transaction at a time.
Read our latest article: “Why Banks Are Freezing Crypto Accounts And How to Avoid It?” for more useful insights.
Looking for your own strategy to open a Business Bank Account for your Web3? Get in touch with our experts and book a free consultation today. We know how to help you.
Disclaimer
Widelia and its affiliates do not provide tax, investment, legal or accounting advice. Material on this page has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, investment, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction. Please consult https://widelia.com/disclaimer/ for more information.
