Chase Bank, a subsidiary of JP Morgan Chase, has joined forces with FCF Pay, a Canadian blockchain payments processor, to offer customers the option of paying their credit card bills, loans, and mortgage payments using cryptocurrencies. This collaboration allows Chase Bank customers to make payments with Bitcoin, Ethereum, Shiba Inu, XRP, Dogecoin, Binance Coin, Tether, and USD Coin.
While Chase Bank is opening up to cryptocurrency payments through this partnership, it is important to note that the bank still settles payments in fiat currency, not cryptocurrencies. FCF Pay facilitates cryptocurrency payments on behalf of customers, but the final settlements with Chase Bank are conducted in fiat currency using an off-ramp solution.
Chase Bank’s decision to integrate cryptocurrency payments reflects the growing acceptance of digital assets in the mainstream financial industry. This move follows the footsteps of other major financial institutions that have embraced blockchain technology in recent years.
Can Chase Bank customers pay mortgages using cryptocurrencies?
Yes, Chase Bank customers can now pay their mortgages using cryptocurrencies through the partnership with FCF Pay, a blockchain payments processor.
Which cryptocurrencies are accepted for payments?
Chase Bank accepts Bitcoin, Ethereum, Shiba Inu, XRP, Dogecoin, Binance Coin, Tether, and USD Coin for cryptocurrency payments.
Does Chase Bank settle payments in cryptocurrencies?
No, Chase Bank settles payments in fiat currency, not cryptocurrencies. FCF Pay processes the cryptocurrency payments on behalf of customers, but the final settlements with Chase Bank are made in fiat currency through an off-ramp solution.
Is this partnership a shift in Chase Bank’s stance on cryptocurrencies?
No, Chase Bank’s core stance on cryptocurrencies remains unchanged. The bank does not directly accept cryptocurrencies for mortgage payments, loans, or credit cards. FCF Pay handles the cryptocurrency payments, and Chase Bank maintains its traditional financial frameworks by settling in fiat currency.