EXCLUSIVE – Wells Fargo will not be aing some of the added big banks in banning its barter from purchasing cryptocurrency with their credit/debit cards, Coffer Innovation has learned.
Wells Fargo, chief VP of chief carnality president, architecture and commitment baton in the Innovation Group at Wells Fargo told Coffer Innovation in a contempo account that the coffer currently doesn’t block any cryptocurrency acquirement on its cards, debit or credit.
This appearance stands in adverse with some of Wells Fargo’s rivals, including Coffer of America, Citigroup and JPMorgan Chase, all of whom do not acquiesce the acquirement of any cryptocurrency on their cards.
Barclaycard, U.S. operations of Barclays, told Coffer Innovation that it plans on banning cryptocurrency purchases on its cards as well. In fact, Paul Wilmore, CMO at Barclaycard Paul Wilmore told Coffer Innovation that purchasing cryptocurrency is a “purely abstract purchase,” comparing it to bank accompanying transactions, which, incidentally, are not accustomed on their acclaim cards either.
Many banks started growing agnostic of cryptocurrency afterwards the crypto bazaar displayed acute animation in the accomplished few months, abnormally with the amount of bitcoin. Even though, the U.S. Securities and Exchange Commission and Commodity Futures Trade Commission (SEC) presented a agilely optimistic angle on the cryptocurrency phenomenon, abounding banks abide wary.
Wells Fargo does not assume to be one of them.
Today, bitcoin is aback up, trading at $10,346, according to Coinbase. Still, it’s absolutely far abroad from its best aerial aloof abbreviate of $20K.
To apprentice the latest developments on cryptocurrency, accompany us on March 5-6, 2018 at the Parc 55 in San Francisco for Coffer Innovation 2018. Click actuality to register.
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