In the midst of cryptocurrencies which are still under bear market pressure, one of the world's banking giants, HSBC, created a breakthrough by accepting a number of cryptocurrencies as a means of payment for home credit loans.
This revolutionary move comes at a time when many alternative cryptocurrencies are facing significant weekly losses.
New SHIB Adoption
Based on a Daily Coin report, the integration of crypto payments into HSBC's home credit lending system is possible through FCF Pay, a payment processing company that focuses on blockchain technology.
FCF Pay recently announced this game-changing option for HSBC customers, and is now adopting a number of cryptocurrencies, including leading digital asset Bitcoin (BTC) and two leading memecoins, namely Shiba Inu (SHIB) and Dogecoin (DOGE).
This development is part of a broader trend of increasing adoption of cryptocurrencies with the highest market capitalization.
Previously, FCF Pay introduced the adoption of SHIB and DOGE as payment methods for various services, including Netflix subscriptions and shopping on Amazon.
The FCF Pay virtual debit card now accepts all three tokens associated with Shiba Inu, namely SHIB, BONE and LEASH.
Additionally, FCF Pay is credited with creating the Crypto Bill platform, which allows customers across the US to pay their bills using crypto.
Currently, the platform is supported by 21,000 diverse companies and accepts several cryptocurrencies, such as XRP, BTC, SHIB and DOGE.
The trend of using crypto for everyday transactions continues to gain momentum.
Most notably, Tesla has enabled customers to purchase their electric vehicles using Dogecoin (DOGE), while Uber Eats in the US now accepts Shiba Inu (SHIB) as a payment option, thanks to the involvement of another payment processor, BitPay.
However, recent moves by a traditional banking institution as large as HSBC like this signal a significant step forward in the mainstream adoption of blockchain and crypto.
HSBC's decision to accept crypto payments for home loans opens up a new world of opportunities for blockchain enthusiasts and crypto holders.
This is in line with the evolving financial services landscape, where digital currencies are slowly becoming an integral part of the payments ecosystem.
One cannot but acknowledge the resilience and adaptability of the crypto market despite its inherent volatility.
The inclusion of cryptocurrencies like SHIB and DOGE within traditional financial institutions like HSBC signals growing confidence in the legitimacy and future of these digital assets.
