Payza now supports additional 50 Bitcoin alternatives

Big update of worldwide payment processor
22 June 2017   1108

Distributed database that is used to maintain a continuously growing list of records, called blocks.

A well-known payment processor, Payza, today announced that 50 different Bitcoin alternatives are now added to its Cryptocurrency Exchange.

Now Payza allows verified users, through their e-wallets, to exchange their Ethereum, Ripple, Litecoin, Dash, Monero, Zcash and other cryptocurrencies into US dollars which can be sent to their prepaid cards.

According to official website, Payza has over 9 million clients in 197 countries and 21 different currencies. It includes support of e-commerce processing, corporate disbursements and remittances.

Full Bitcoin support by Payza was announced last month. Now customers are able to buy and sell Bitcoin, merchants can accept Bitcoin as a payment option, and all verified Payza account holders can have Bitcoin within their e-wallets.

The company has big plans to provide a one-step cryptocurrency loading option. This allows clients to load their prepaid cards from Bitcoin or altcoin exchanges in just one action.

Payza began limited bitcoin support for 190 countries in 2014. It became more popular when Charlie Shrem, a popular Bitcoin enthusiast who was sentenced to two years in prison for funneling bitcoins to Silk Road, consulted the company how to integrate bitcoin while he was under house arrest.

According to the mass media, Firoz Patel, Payza’s CEO commented that Payza is committed to providing its members with a complete online payments and e-commerce solution.

Bank of America: Cryptocurrencies Are a Threat

Bank of America (BoA) has admitted to US regulators it can not pretend any longer that cryptocurrencies are not a threat
23 February 2018   128

On February 22, the report was filed with the US Securities and Exchange Commission (SEC). It listed a range of economic, geopolitical, and operational risks that the Charlotte, NC-based bank faces as it heads into the new fiscal year. Crypto adoption was on the list for the first time.

Bank of America (BoA), which recently banned purchasing of crypto with credit cards, stated that this and other similar policies could cost the bank clients.

Clients may choose to conduct business with other market participants who engage in business or offer products in areas we deem speculative or risky, such as cryptocurrencies.

The second largest bank in the U.S. said that adoption of cryptocurrencies could require the bank to make “substantial expenditures” to update its existing services and remain competitive with upstart firms.

The widespread adoption of new technologies, including internet services, cryptocurrencies, and payment systems, could require substantial expenditures to modify or adapt our existing products and services.

According to the Bank of America, cryptocurrencies could limit the institution’s ability to comply with anti-money laundering regulations.

Eventually, this is one of the first public admissions that financial institutions are beginning to worry that mass cryptocurrency adoption could one day become a reality.