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Market News HSBC Accepts Ripple and Shiba Inu for Certain Transactions

HSBC Accepts Ripple and Shiba Inu for Certain Transactions

HSBC, a British bank, has permitted some of its customers to pay their mortgage and loan expenses in cryptocurrencies such as XRP, SHIB, and DOGE via a blockchain-based payment system called FCF Pay.

TOP1 Markets Analyst

2023-09-27

12362

According to CryptoPotato, the British banking behemoth HSBC has permitted the use of the cryptocurrencies Ripple (XRP) and Shiba Inu (SHIB) for specific payments. The bank has partnered with blockchain payment system FCF Pay to enable eligible clients to pay their mortgage expenses and loans in a variety of cryptocurrencies, including Dogecoin (DOGE) and Shiba Inu (SHIB), as well as Ripple's native token XRP. The announcement had little effect on the prices of the aforementioned currencies, with XRP, SHIB, and DOGE falling over 3% in the past week.

HSBC entered the cryptocurrency industry in December 2021 when it partnered with Wells Fargo to settle Forex transactions using a blockchain platform. A few months later, the bank partnered with The Sandbox to become the first global bank to enter the Metaverse by purchasing virtual real estate in the form of LAND in order to connect with sports, athletics, and gaming enthusiasts. Despite these pro-crypto moves, HSBC has in the past been critical of the industry, with CEO Noel Quinn stating in the spring of 2021 that the bank had no plans to adopt Bitcoin or offer it as an investment option to customers.