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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.
Those looking to buy the dip and take advantage of what is essentially a 60%-off Bitcoin sale can now conveniently purchase the dominant cryptocurrency with credit cards via Bread.
Bread, a clean and user-friendly Bitcoin wallet available on both iOS and Android, announced this week:
Starting this week, Bread customers around the world will have the ability to use a credit card to purchase bitcoin and have it deposited directly into their Bread. This new feature builds on a partner integration with Simplex to allow high limits and near-instant delivery for most users.
JPMorgan, Bank of America, and Citigroup are all putting a stop to Bitcoin purchases made using their cards, citing high risk due to extreme price volatility.
With Bitcoin suffering one of its worst weeks since 2013, major US banks are putting a stop to Bitcoin and other cryptocurrency purchases made using their credit cards. According to reports, JP Morgan Chase, Bank of America, and Citigroup are all banning cryptocurrency purchases using their credit cards, leaving some investors eager to “buy the dip” out in the cold.
Knowledge is power, something that Extra Credit is well aware of. The platform has plans to revolutionize the crypto education industry by offering anyone and everyone the opportunity to learn about cryptocurrencies.
If 2017 has taught us anything, it is that the future of the blockchain industry is bright. The world is starting to see that the underlying technology of cryptocurrencies can be utilized for much more than just that. It can also offer countless business solutions over a wide range of industries.
It has been a busy week for popular peer-to-peer lending platform RCN. From announcing new strategic partnerships to upgrading key systems on its platform, RCN is working hard to deliver the best possible services and features to its users.
Earlier this week, RCN announced their new partnership with Decentraland, the blockchain-based virtual reality platform where users can acquire virtual land to create and monetize their content.
In addition to exploring and interacting with Decetraland’s 3D virtual world, users can also purchase land as well, creating an immutable record of ownership on the Ethereum blockchain.
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