In a significant step towards broader cryptocurrency acceptance, British banking giant HSBC, in collaboration with blockchain payment system FCF Pay, has begun to allow customers to settle their mortgage and loan bills using various cryptocurrencies. The news was announced by FCF Pay via a tweet.
The supported assets include popular cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Ripple's XRP, Dogecoin (DOGE), and Shiba Inu (SHIB). This move potentially paves the way for wider cryptocurrency adoption across global financial sectors, underscoring the growing intertwine of traditional finance and digital assets.
Despite this progressive step, the announcement had little impact on the price of the mentioned coins. According to data from CoinGecko, most digital assets have recently either consolidated to certain levels or slightly decreased their valuation. XRP and SHIB are down almost 2% for the past week, whereas DOGE has slumped by over 3%.
This is not HSBC's first foray into the cryptocurrency industry. In December 2021, it partnered with Wells Fargo to use a blockchain platform to settle Forex transactions. A few months later, it teamed up with The Sandbox to become the first global bank to enter the Metaverse by purchasing virtual real estate in the form of LAND. This allowed HSBC to connect and engage with sports, esports, and gaming enthusiasts.
However, despite these pro-crypto moves, HSBC has been rather critical of the industry in the past. In spring 2021, CEO Noel Quinn stated that the bank had no intention to adopt Bitcoin and offer it as an investment option to customers due to its volatility.
The recent decision by HSBC marks a notable shift in its stance towards cryptocurrency. By allowing customers to pay their mortgage bills and loans in cryptocurrencies, HSBC is bridging traditional finance and crypto utility, potentially influencing other banking institutions to explore similar crypto-friendly avenues.
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