Bank of America CEO Brian Moynihan stated last week that, if the regulations change, US banks will be forced to modify their operations to accept crypto-payments.
“If the rules come in and make it a real thing that you can actually do business with, you’ll find that the banking system will come in hard on the transactional side of it,” Moynihan said to CNBC that he spoke at the World Economic Forum.
Crypto exchange Kraken today launched a new payments platform — Kraken Pay, which allows customers to transfer assets directly from their exchange accounts. Kraken Pay accepts more than 300 fiat currency and crypto tokens. While sending assets is completely free, there are fees associated with converting the assets to another currency when transferring.
”Crypto isn’t just the future of finance — it’s the now,” Mark Greenberg, the global consumer head at Kraken, said: “We’re eliminating the barriers of slow payments and outrageous fees while bringing real-world utility to your fingertips.”
Kraken Pay, the latest in the growing world of crypto-payments.
Venmo’s payment service jumped into the crypto-pool in 2021. Ripple has announced that its payment product will be getting an upgrade this year.
Crypto enthusiasts have long argued that the payments industry, including cross-border, remittances, and peer-to-peer, is an area ripe for change.
The crypto sector may finally take off in 2025, with more crypto-friendly regulators and an increase of retail and institutional investors.
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