Wells Fargo Ltd joins the league J.P Morgan, Bank of America and Citi Bank, to disallow cryptocurrency purchases through Credit card. The reason cited for the above mentioned ban is credit risk and market volatility.
Wells Fargo “will continue to evaluate the issue as the market evolves,” Shelley Miller, a spokeswoman, said in an emailed statement to Bloomberg.
A study conducted by LendEDU last year found that roughly 18 percent of Bitcoin investors used a credit card to fund the purchases. Of those, 22 percent couldn’t pay off their balance after buying the digital coin.
The ban takes place immediately. Wells Fargo customers can still purchase cryptocurrency through their debit card.
Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity
Did you like the news you just read? Please leave a feedback to help us serve you better
Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.
