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HSBC Makes Major Crypto Move, Allows Mortgage and Loan Payments in Cryptocurrencies
Ferrari now accepts cryptocurrency payments
Power With-In
October 14, 2023
HSBC is now allowing customers to pay their mortgage and loan payments in cryptocurrencies. This is a significant move, as HSBC has previously been critical of cryptocurrency. The partnership with FCF Pay will allow customers to pay their bills using Bitcoin, Ethereum, Binance Coin, XRP, Dogecoin, and Shiba Inu. This is seen as a step towards wider cryptocurrency adoption.
Luxury car maker Ferrari now accepts cryptocurrency payments in the US and may expand to Europe based on demand. This decision caters to clients who have invested in cryptocurrencies, including young and traditional investors looking to diversify their portfolios. Ferrari's Chief Marketing and Commercial Officer, Enrico Galliera, highlighted the alignment between Ferrari's goal of carbon neutrality by 2030 and the efforts of crypto projects and miners to reduce their carbon footprints. To facilitate cryptocurrency payments, Ferrari has partnered with BitPay, an Atlanta-based Bitcoin payment services provider. Initially, Ferrari will accept bitcoin, Ethereum, and USD Coin, with BitPay converting the cryptocurrency into regular currency to protect dealers from price fluctuations and ensure legal acquisition.
Here are some of the most recent headline news regarding crypto adoption:
HSBC Allows Mortgage and Loan Payments in Cryptocurrencies (October 14, 2023)
Ferrari Accepts Crypto Payment for Its Cars in US (October 14, 2023)
Ripple Gains Significant Payment Institution License from Singapore's Monetary Authority (October 13, 2023)
Coinbase Relisted XRP After US Court Ruled in Ripple's Favor (July 22, 2023)
PayPal Launches Crypto Checkout Feature (March 23, 2023)
Mastercard to Allow Crypto Payments on Its Network (February 21, 2023)
Visa to Allow Crypto Payments at 80 Million Merchants (February 17, 2023)
These are just a few examples of the many headlines that show that crypto adoption is on the rise. As more and more businesses and financial institutions begin to accept cryptocurrencies, it is becoming increasingly clear that crypto is here to stay.
In addition to these headlines, there are also a number of other indicators that suggest that crypto adoption is increasing. For example, the number of crypto users worldwide has grown from 100 million in 2020 to over 420 million in 2023. Additionally, the total value locked in decentralized finance (DeFi) protocols has increased from $20 billion in 2020 to over $100 billion in 2023.
Overall, the evidence suggests that crypto adoption is increasing at a rapid pace. As more and more people and businesses begin to use cryptocurrencies, it is likely that crypto will play an increasingly important role in the global economy.
Here is a recent update on Ripple:
Ripple's XRP is the best-performing cryptocurrency in 2023, with a 380-fold increase in value.
Ripple has been granted a major payments institution license from the Monetary Authority of Singapore.
Ripple is currently involved in a lawsuit with the U.S. Securities and Exchange Commission (SEC), which alleges that the company illegally raised funds through the sale of XRP. The case is still ongoing.
Ripple's CEO, Brad Garlinghouse, has been a vocal critic of the SEC, arguing that the agency is overstepping its authority.
Ripple is continuing to expand its global reach, with recent partnerships with banks and financial institutions in the Middle East and Africa.
Overall, Ripple is a company that is on the rise. The company has a strong product, a growing customer base, and a team of experienced executives. However, the ongoing lawsuit with the SEC is a major overhang on the company. If Ripple is successful in the lawsuit, it could be a major catalyst for the growth of the company and its XRP cryptocurrency.
