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This past April, news.Bitcoin.com reported on the Bitcoin futures markets offered by the two derivatives giants Cboe and CME Group and how contract volumes were steadily rising. This month, while BTC-spot prices slide to significant lows, both futures products from these two companies are still seeing increased demand for contracts.
Also Read: A New Cryptocurrency Radio Broadcast Launches on Boston’s FM 104.9
Wells Fargo & Company, a San Francisco-based financial services giant, announced recently that it will no longer allow cryptocurrency purchases using its bank-issued credit cards.
U.S. financial services company Wells Fargo and Company has announced that it will no longer allow customers to use bank-issued credit cards for cryptocurrency purchases.
With this move, Wells Fargo joins the ranks of other major U.S. banks who have already prohibited the purchase of cryptocurrency with their credit cards — namely, JP Morgan Chase, Bank of America, and Citigroup.
The main concern, as expressed by a Wells Fargo spokesperson, lies within the high volatility of the cryptocurrency market:
The final quarter of 2017 saw cryptocurrency break into the mainstream. News media discussed it, investors flocked to it, and widespread use seemed close to a reality. Credit and debit cards that allowed users to spend cryptocurrency directly at the point of purchase became prolific.
Companies like the upcoming blockchain project, Decoin, are poised to disrupt the crypto-credit card industry with innovative new solutions. Unknown to many of these users, there was a bottleneck in the market. Most of these cards were issued through the payment processor WaveCrest. When Visa suddenly suspended WaveCrest from their platform, these cards were rendered instantly unusable.
Cryptocurrency enthusiasts take security and storage seriously, and there are a bunch of different hardware solutions out there. One startup has released a different kind of digital asset hardware wallet that is the same size and shape as a credit card. Due to the design of the new ‘Coolwallet S,’ the wallet can be hidden very easily alongside the option of being carried effortlessly in your back pocket.
Also read: Bitcoin in Brief Saturday: Warren Warned By Billboards, Coinbase Tempted by Banking
The Lightning Network (LN) is approaching 2000 functional nodes as users begin to highlight the conspicuous cost savings using the technology.
Data captured from an overview of LN’s Bitcoin mainnet integration showed 1997 reachable nodes (with the actual number presumably much higher) at press time, with 6614 open channels and a total network capacity in excess of $ 150,000.
Despite remaining a challenging tool in terms of user interface, the technology has markedly improved in the approximately five months it has been active.
The Polish Credit Office BIK, the largest credit office in Central and Eastern Europe, in partnership with Distributed Ledger Technology (DLT) provider Billon, will implement a blockchain technology solution for storage and secure access to highly sensitive customer information.
“Our cooperation with Billon is long-term,” said Mariusz Cholewa, president of BIK. “We believe that blockchain technology will transform how the financial sector communicates sensitive data with clients. Our solution will soon be expanded to include electronic delivery with active confirmation and remote signing of online agreements. It is also important that the solution meets the legal requirements of a durable medium of information, as well as the requirements of the EU General Data Protection Regulation [GDPR], which comes into force this month.”
The post [Guest Post] With Banks Banning Cryptocurrency Purchases on Credit Card, What Should Your Next Step Be? appeared first on CoinReport.
Bitcoin might get a serious kick towards widespread and unobtrusive adoption as a leading Canadian fintech company Mogo launched a new app letting people buy Bitcoin with a credit card.
Mogo, a Vancouver-based Fintech Company, also claims to be the very first in the country to bring an accessible solution for buying and selling bitcoin right at the fingertips of its users.
David Feller, Founder and CEO of Mogo, says:
Canadians are looking for a trusted and simple solution to buy and sell bitcoin, and that’s the need we’re addressing with MogoCrypto.
While TD Bank has revised its policies and stopped allowing customers to purchase cryptocurrencies using its credit cards, some major banks in Canada still allow crypto credit card transactions, the banks reportedly confirmed on Friday.
Also read: Indians Look to Buy Bitcoin Overseas as Regulations Tighten
Canada’s largest bank by assets as of April of last year, Toronto-Dominion Bank (TD Bank), said on Friday that it is “halting the use of its credit cards to buy cryptocurrency as it conducts a review of the ‘evolving market’,” Financial Post reported. The bank explained in an emailed statement:
Toronto-Dominion (TD) Bank is the latest financial institution to ban customers from using their credit cards to purchase cryptocurrency. As more retail investors continue to be onboarded, banks are looking to protect them from making ignorant decisions.
In a recent move that has become common from banks, TD Bank is effectively halting the use of credit cards to purchase cryptocurrency. Originally still permitting purchases even after the first move from banks began, TD Bank has now fallen in line with a growing policy change.
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