Bitcoin debit cards are making a comeback

  5 January 2018 was a dark day for Bitcoin adopters as Visa suspended their services to a large number of providers and since then crypto users have been searching for an alternative.   The good news:  – These cards are making a comeback and by the look of things they are here to stay.   WIREX Wirex recently launched a new card service through their UK subsidiary to customers in the European union and according to the company they are working on solutions to the rest of the world…

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Frick Bank of Liechtenstein encourages clients to Invest in Bitcoin

The Liechtenstein family bank is one of the first traditional banks to open up investment in cryptocurrency to their clients.   “Bank Frick is the first financial institution in Liechtenstein to offer the trading of five leading cryptocurrencies and secure safekeeping via offline storage. Trading takes place within the fully regulated framework of the Bank’s processes. The offering is aimed at professional market participants and financial intermediaries.” as per the website.   Bank Frick has committed to a high level of protection against loss of theft of the crypto-assets and…

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Bank of America says Bitcoin is a business risk and competitive threat

According to public records, Bank of America has cited cryptocurrency as a material risk to its business and that the technology could hamper the second-largest U.S. bank’s ability to comply with anti-money-laundering regulations, pose a competitive threat and increase cost. This was according to the bank’s annual filing with the Securities and Exchange Commission.     Bank of America specifically mentioned “Cryptocurrency” in the section on risk factors.   The first reference is in the discussion of AML, know-your-customer, sanctions and foreign corruption laws in the U.S.   “Emerging technologies,…

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Bitwala’s new Crypto Bank imminent

  After a disaster struck Bitwala in January 2018, with Visa suspending all crypto pre-paid cards and the suspension of their banking facilities, Bitwala seems to have fought back with some new announcements of their own.     Bitwala’s customers received the email below.   Most of us have questioned our relationship with banks before, can we really trust an institution that can close our account at any time for using crypto?   Well, we have some great news for you. Bitwala is building a blockchain-driven bank!      …

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More Banking Woes For Bitcoin

JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc. all announced a ban on purchases of Bitcoin and other cryptocurrencies on their credit cards.   JPMorgan, enacting the ban Saturday and Bank of America started declining credit card transactions with known crypto exchanges on Friday.   Full story: – https://www.bloomberg.com/news/articles/2018-02-02/bofa-to-decline-all-cryptocurrency-transactions-on-credit-cards     This comes after Visa suspended a number of crypto prepaid cards in January without warning and a number of Bitcoin companies including Bitwala announced that their banking services were suspended.   Shortly after that payment processor…

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Will Regulators and Banks kill Bitcoin?

2018 has not started well for Bitcoin as the cryptocurrency started the year with 2 weeks of losses and last week we had four days of straight losses from Monday to Thursday.     Shock News for Bitcoin Banking   The year started off with a shock as Visa suspended a number of prominent cryptocurrency card providers without any notice, leaving some customers without cash. Some of the well-known companies affected were Cryptopay, Bitwala, Xapo, Bitstamp and many others. Bitwala also reported that their bank facilities were suspended with immediate…

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Shock Announcement – Bitwala and Cryptopay Card issuer WaveCrest Holdings Ltd immediately suspend Visa Debit Cards after instruction from Visa Europe

A shock announcement from Bitwala to their clients has been received.  The announcement went into effect immediately without delay.   Bitwala is a popular and growing blockchain banking service where many clients used Bitcoin to send & receive money, pay bills, and convert to load their VISA prepaid card.         The announcement states “Yesterday our Bitwala Card issuer WaveCrest Holdings Ltd received direction from Visa Europe to immediately suspend all Bitwala cards effective immediately. Unfortunately, neither Visa nor WaveCrest were able to provide us or you with more…

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