Crypto News: Litecoin set to unveil new payment processor, UK bank bans crypto purchases
It might seem an unlikely combination, but the worlds of cryptocurrency and the NFL are colliding with increasing frequency.
Ahead of Superbowl LII between the Philadelphia Eagles and the New England Patriots on Sunday night/Monday morning, it transpired that one fan became the first to purchase tickets for the season-ending showcase with Bitcoin. His seat on the 50-yard line cost 2.2 Bitcoins – around $19,000 at the time he bought them.
Although official ticket sellers accept cryptocurrency, he bought them through licensed reseller TickPick – which agreed to accept the payment. Although considering the value of Bitcoin this morning (around $16,200), they might be slightly less happy about it.
A few weeks ago, Seattle Seahawks’ cornerback Richard Sherman championed cryptocurrencies, saying that he has a broad portfolio of coins – and has been trying to educate many fellow NFL players on their value as an alternative asset.
Litecoin is trying to shake off the recent crypto market collapse – which has seen its value plunge more than 60 percent from its all-time highs – with the release of LitePay.
Expected to be unveiled sometime this week, LitePay is a tool that, similar to Ripple, will enable businesses to accept payment in Litecoin from anywhere on earth in an instant – with no transaction fees. Instant withdrawals from VISA-compatible ATMs and spend with any VISA merchant will also now be possible.
Following on from the news that US banks such as JP Morgan Chase and Bank of America have banned customers from purchasing cryptocurrencies with their credit cards, Britain’s biggest high street bank Lloyds has followed suit.
Fearing customers will rack up debts the bank will have no hope of recovering, it is telling its nine million customers that any attempts to buy Bitcoin or other coins on exchanges will be blocked, according to reports in this morning’s Daily Telegraph.
A little over a week since Facebook announced it was banning cryptocurrency trading and investment ads from his platform, China is following suit, according to The South Morning China Post. State-owned Weibo, a Chinese version of Twitter, confirmed that they no longer serve cryptocurrency ads. It’s the latest blow for cryptocurrencies in China, following the People’s Bank of China ban on the use of ICOs and a government clampdown on mining.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Till now, cryptocurrency market value is still unstable. This is why it shouldn't be accepted for trading and investing.