Two of the most popular cryptocurrencies – Ripple (XRP) and Shiba Inu (SHIB) – have achieved a major milestone as the British banking behemoth HSBC allowed their usage for specific payments.
In the following lines, we will explain in detail in which cases customers can take advantage of the latest offering.
XRP, SHIB, DOGE, and More
The biggest banking institution in the United Kingdom – HSBC – collaborated with the blockchain payment system – FCF Pay – to allow eligible clients to pay their mortgage bills and loans in various cryptocurrencies.
Among the supported assets are the most popular memecoins – Dogecoin (DOGE) and Shiba Inu (SHIB) – as well as Ripple’s native token XRP. Interestingly, the announcement had little-to-no effect on the price of the aforementioned coins.
In fact, most digital assets have recently either consolidated to certain levels or have slightly decreased their valuation. XRP and SHIB are down almost 2% for the past week, whereas DOGE has slumped by over 3% (per CoinGecko’s data).
HSBC’s Previous Crypto Forays
The financial institution made some of its first steps in the cryptocurrency industry in December 2021 when it partnered with Wells Fargo to use a blockchain platform to settle Forex transactions.
A few months later, it teamed up with The Sandbox to become the first global bank to enter the Metaverse. According to the plan, HSBC vowed to purchase virtual real estate in the form of LAND. Thus, it could use it to connect and engage with sports, esports, and gaming enthusiasts.
Despite those pro-crypto moves, HSBC has been rather critical of the industry in the past. In the spring of 2021, CEO Noel Quinn – said the bank has no intention to adopt Bitcoin and offer it as an investment option to customers:
“Given the volatility, we are not into Bitcoin as an asset class, if our clients want to be there, then of course they are, but we are not promoting it as an asset class within our wealth management business.”
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