Is Novo Banco Crypto-Friendly in Portugal?
Yes, Novo Banco is a crypto-friendly bank in Portugal. The bank allows customers to deposit and withdraw funds from their accounts into European Securities and Markets Authority (ESMA) licensed exchanges. Based on our review, Novo Banco has no banking policies that prohibit users from transacting in digital assets.
How to Buy Cryptocurrency with Novo Banco
As mentioned above, the best way to buy and sell digital assets with Novo Banco is with the Uphold exchange. They offer instant deposits via bank transfer, debit card, credit card, Google Pay, Apple Pay and a variety of other methods. Their platform currently has over 200 cryptocurrencies listed and a wide variety of staking coins for investors to earn interest with.
You can get started in 4 steps:
- Step 1: Sign up to the Uphold platform and verify your identity.
- Step 2: Connect your Novo Banco account to Uphold by selecting the 'Link a bank account' button on your dashboard.
- Step 3: Deposit EUR via Bank Transfer, Debit Card or Credit Card from CGD Bank.
- Step 4: Find the crypto you want to buy (over 200) and execute your trade.
About Novo Banco
Novo Banco, officially named Banco Novo, SA, is a Portuguese bank created in August 2014 from the resolution of Banco Espírito Santo (BES). It is the second largest private bank in Portugal with total assets of over €50 billion. The bank is headquartered in Lisbon and has a network of over 500 branches across Portugal.
Novo Banco was created as a "good bank" from the resolution of Banco Espírito Santo (BES), which was itself the product of a merger between Banco Comercial Português (BCP) and Banco Espírito Santo e Comercial de Lisboa (BESC). The "bad bank", called Espírito Santo Financial Group (ESFG), was left with the non-performing assets of the original BES.
The Portuguese government injected €4.9 billion of public money into Novo Banco as part of the resolution process, and also provided a state guarantee of up to €8 billion on the bank's senior debt. This guarantee was later increased to €12 billion.
Novo Banco is majority-owned by the Portuguese state, with the "good bank" holding a 75% stake and the "bad bank" holding the remaining 25%. Novo Banco is a member of the Portuguese banking association, Associação Portuguesa de Bancos (APB).