Support for Cryptocurrencies

I’ve been meaning to ask this question for years and with the added interest now it seems like the perfect time.

Are Monzo looking into supporting cryptocurrencies in the future? It would be a massive achievement. Not only can I see my current account, my pots, my credit cards, my credit score I can also see my cryptocurrency holdings.

The effort required to support cryptocurrencies would be massive however as a Neobank it feels like a perfect fit. Monzo would then be competing with all UK banks as well as all the new UK crypto debit card providers which seem to be popping up everywhere.

The possibilities in this sector would be endless especially in the premium and tiered accounts. Many customers such as myself would suddenly be willing to pay for more features and as the industry is rising exponentially, so too could Monzos revenue here. I can even see a point a few years down the line where Monzo release their own coin ($MONZO) and scrap the premium cards altogether.

“Hold “x” amount of Monzo Coin and Unlock “x” perks”

I understand how long this would take and the difficulty involved but the world is definitely heading that way and Monzo were always at the forefront of innovation.

I would add a note that to innovate in this area, supporting cryptocurrencies shouldn’t be done the way Revolut currently have it. I personally tried revolut but find the fact that it is not fully integrated as you cannot transfer in and out of the accounts to be off putting. Monzo would be the first Neobank to fully support cryptocurrencies by adding real cryptocurrency wallets for their users to operate.


Monzo have very little interest in it so I would say this is incredibly unlikely.



And this

suggests to me that it is a long, long way off. If ever.

How do you know this? The world is changing very rapidly towards this so they wouldn’t be the first organisation to alter their view, just need to make sure they’re not the last.

I agree that its a long way off but if a Neobank isn’t at least thinking about the opportunity then they’re gonna get left behind. It will happen at some point I just hope its on their reading list. Could deliver massive value to Monzo + shareholders.

I would add that although it would take a massive effort as I previously stated. There are already ways to partner with 3rd party providers to introduce some of the features. Similar to how they can provide credit scores now, it could definitely be done with less effort if required.

I’ll bet my entire house that they don’t ever look at supporting crypto


I hope thats not the case Dave!

What makes you so sure? I’m not suggesting i think it will happen immediately, I’m just suggesting it happens before the others do it.

I don’t think crypto is as big a deal as you think and to Monzo it seems to be more of a hinderance than a help.

They don’t want anything to do with it and unless a lot changes, neither will most banks.


Fundamental disagreement between ourselves it seems. In my opinion every bank will have to adapt within the next 10 years and Monzo are usually ahead of the game.

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Why would banks have to adapt it? Where is the wide scale announcement of the disbanding of Pound Sterling (£)? Where is the widespread usage of Bitcoin in all retail shops? Your within 10 years statement is highly optimistic even if we are going in the direction of it.

Equally if Bitcoin become truly mainstream for day to day transactions, then it could represent a systemic threat to the entire UK banking system so I can’t see the government caving in without some sort of fight. This is as a mainstream usage of a decentralised currency like Bitcoin would mean the Government would not be able to support actions in the country like during this Pandemic or future financial crashes. Central Banks simply wouldn’t be able to control the currency in its own country.

Look what happened when Facebook tried to introduce Libracoin, a ton of bricks fell on it. As I stated, within 10 years is highly optimistic.


I don’t believe it’s optimistic at all to be honest. If anything it won’t take 10 years. Banks don’t have to adopt bitcoin and the pound isn’t going anywhere. Thats not what i’m saying at all.

They have to adopt the technology behind it. Go on google and search “Central Bank Digital Currencies” (CBDCs) and you’ll realise how far along it actually already is.

My suggestion to support cryptocurrencies is simply as a feature to differentiate themselves from the rest and have an edge in a highly competitive market (well 2 markets if they adopt it). They are looking to innovate and this is the feedback and ideas forums haha! All banks will adopt blockchain technology and if Monzo stretches it further than the rest it will surely come with an increase in market share.

But it’s mostly used by nerds and criminals. Monzo would be happy with the former, not so much the latter.

There’s far too much risk with it at this point.

I think you’re incredibly optimistic that it will be widespread within 10 years, I’d be surprised if it ever happens.


It’s the lack of traceability and knowing the true source of the money which puts banks off. It would be easy to hide money from nefarious sources and then put it back into real, clean money.

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Not to be rude but those are the exact arguments from those that do not fully understand or care to understand what it truly is and represents. It is no longer a risk and all the investment banks have realised that this year.

I won’t go any further as this isn’t a crazy bitcoin debate but if you come back to this forum in a few years I think you’ll be surprised.

Again, not the case.

The money is 100% more traceable with blockchain and cryptocurrencies.

10 years or probably less??? No chance!

There’s zero chance of banks supporting it either when they can’t control it. It’s too risky for them and too volatile with how much it fluctuates - never mind the fact that it’s not easy for the average person to adopt.

These are likely the reasons that hardly any retailers accept it as payment too. Convince the big corporations to accept it as payment and you’ll only then maybe see banks considering it.


I don’t think people are appreciating how long 10 years is. Bitcoin has only existed 12 years and is one of the fastest growing industries on the planet. The speed of development on all things blockchain is absolutely mind blowing.

No it’s most definitely not, or otherwise it wouldn’t be favoured by hackers, ransomware payments and for use on the dark web.

Anyway it won’t happen, not for a long long time.


Isn’t it about 20 years old?