According to CryptoPotato, British banking giant HSBC has allowed the use of Ripple (XRP) and Shiba Inu (SHIB) cryptocurrencies for specific payments. The bank has collaborated with blockchain payment system FCF Pay to enable eligible clients to pay their mortgage bills and loans in various cryptocurrencies, including popular memecoins Dogecoin (DOGE) and Shiba Inu (SHIB), as well as Ripple's native token XRP. The announcement had little impact on the price of the mentioned coins, with XRP and SHIB down almost 2% for the past week, and DOGE slumping by over 3%.
HSBC previously entered the cryptocurrency industry in December 2021 when it partnered with Wells Fargo to use a blockchain platform for settling Forex transactions. A few months later, the bank teamed up with The Sandbox to become the first global bank to enter the Metaverse, purchasing virtual real estate in the form of LAND to connect and engage with sports, esports, and gaming enthusiasts. Despite these pro-crypto moves, HSBC has been critical of the industry in the past, with CEO Noel Quinn stating in spring 2021 that the bank had no intention to adopt Bitcoin and offer it as an investment option to customers.
