Lloyd's Banking Group will prohibit cryptocurrency purchases with credit cards

Several banks, including British Lloyd's Banking Group will block credit card users from purchasing Bitcoin
05 February 2018   1260

Telegraph reports that British Lloyd's Banking Group will block any cryptocurrency-related operations with credit cards.

The Company's spokesperson further announces:

"Across Lloyds Bank, Bank of Scotland, Halifax and MBNA, we do not accept credit card transactions involving the purchase of cryptocurrencies"

The block will not affect debit cards, but credit card users won't be able to perform any transactions involving cryptocurrencies and Bitcoin in particular. Banks fear that people will increase their debts just to try for a quick profit in crypto-related field. And the Lloyd's Group is the first to officially announce that the don't want to finance the impending fallout.

According to the reports, last year thousands of Brits rushed to buy Bitcoin during the lengthy bull-run which sent prices skywards. Even the government made the report at that time to warn people of risks involved and to try and stop people from rushing headlong into the unknown. Now everything points to the events repeating themselves and banks can't sit idle.

Even across the Atlantic three major US banks take the same stance, trying to stop the upcoming tide. JP Morgan Chase & Co., Citigroup Inc. and Bank of America Corp. have take the similar stance and announced that they will or already are blocking cryptocurrency-related transactions made with credit cards. All of this can cause further price drop, because it just became a little more difficult for the common folk to enter the cryptomarket.

It's very likely that other banking institutions will follow the trend in the near future and cut off credit card users from Bitcoin purchases.

tZERO to Launch Bitcoin Trading App

Application itself is being developed by Bitsy; it may also begin to support Ethereum in the future
22 March 2019   149

The security tokens platform tZERO announced plans to launch a mobile application for buying and selling bitcoin. In the future, the application may also begin to support Ethereum,  CoinDesk reports.

According to Saum Noursalehi, CEO of tZERO, applications for iOS and Android devices should be launched in June. Bitsy is developing it, a cryptocurrency start-up that is part of the portfolio of the Overstock venture division of Medici Ventures.

That’s part of the reason we acquired Bitsy — to accelerate time to market for our mobile app. They have an app for trading crypto, primarily bitcoin, in a beta-phase, they built a wallet and key recovery mechanism, and this will be the foundation of the mobile app for tZERO. They are also working on some cool stuff like biometric login. 

Saum Noursalehi

CEO, tZero

According to him, the application will allow you to store cryptocurrency without the need to trust third parties and it will be connected to the network of exchanges through the API. The implementation of this plan will occur through partner tZERO, the institutional trading platform SFox.

In the future, the head of tZERO added, the platform also intends to create its own cryptocurrency vault to meet the demand from users.

The public beta testing of Bitsy wallet started in November 2018. With his help, the Overstock retailer plans to launch Bitcoin sales on its website.