Wells Fargo to Ban Cryptos Purchase on Its Credit Cards

Wells Fargo joined Citigroup Inc., JPMorgan Chase & Co. and Bank of America Corp., which also limited the purchase of cryptocurrency by using their credit cards
12 June 2018   613

Following a number of other major financial institutions in the US, the financial company Wells Fargo & Co announced the ban on the purchase of bitcoin and other crypto-currencies using its credit cards, Bloomberg reports.

While the ban on the purchase of crypto currency will act, Wells Fargo "will continue to evaluate the issue as the market evolves," said spokeswoman Shelley Miller.

Thus, Wells Fargo joined Citigroup Inc., JPMorgan Chase & Co. and Bank of America Corp., which also limited the purchase of cryptocurrency by using their credit cards in February, citing market volatility and credit risks.

As representatives of the organizations noted then, they are worried that they will be "hooked" if, by acquiring a crypto currency, the client loses money and can not repay the loan.

According to last year's research by LendEDU, approximately 18% of investors buying bitcoins used a credit card to purchase. Of these, 22% could not pay off the balance after buying the tokens.

OKEx to Launch OKChain Based Decetralized Exchange

Great role in the upcoming exchange will be played by OKB coin, which will be trasfered to OKChain as soon as its development finished
22 March 2019   122

OKEx cryptocurrency exchange will launch a decentralized trading platform on its own blockchain.

Currently, the OKChain blockchain is in the final stages of development, and its test network may be launched as early as June 2019. When the OKEx blockchain becomes stable enough, it will transfer OKB to it, which will then perform the function of the native OKChain token and be used to pay commissions, as well as in its own decentralized network applications.

The primary purpose of OKChain is to launch the OKDEx decentralized exchange, where the OKB token will be used to participate in presales. In addition, project teams will use OKB tokens to pay the service fee to the super nodes of the network.

While the total volume of OKB emissions is 1 billion, 300 million tokens are in circulation today, and 700 million remain blocked. Of this number, 300 million OKB will be distributed to users through the loyalty program, and 400 million belong to the OK Blockchain Foundation and the exchange team. However, for a more efficient formation of the OKB ecosystem, the blocking period of these 700 million tokens will be extended from 2020 to 2022, writes OKEx.

In addition, OKB will be the only token to be accepted during the initial exchange offerings (IEO) on the OK Jumpstart platform, announced earlier this month. According to the company, it is currently negotiating with various projects and will soon announce the launch of the first IEO on OK Jumpstart, for which investors will be admitted who have passed personal verification and have OKB tokens in their accounts.