Morgan Chase bank has been making some waves in the world of the crypto adoption. And previously they shown interest in the NFTs and also the bonds that would be in the digital assets too. In short, Chase is in motion for turning their bank into digital adoption platform.
A lot of banks have already started getting into the digial instruments with the digital NFT funds and the mutual funds around the bitcoin. And most of their tokens are on the ethereum chain these days. Polygon's involvement with banks continues as well.
Now next phase of the crypto adoption includes allowing people to use the currency they like to pay for the stuff. And not getting in their way for the payment of the digital assets. So USDT, Hive and any other acceptable currency would work in this process.
So let's talk about new adoption of the Chase bank.
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FCF Pay collabs with Chase Bank
Chase bank has managed to do the collab with the FCFPay. And that platform would allow the bank users to use any crypto of their choice from the list of accepted crypto coins. And they would be able to pay for variety of the payment and bills there.
Process would looks something like this. You have a mortgage payment and now the online process would allow you to use the FCF payment. And that would allow you to choose the crypto as one of the payment method. And from there you can choose the token and pay the respective amount.
Mortgage Payments through Crypto
Here's the benefit for the bank comes in. You pay using the crypto. If it is not stablecoin crypto, it'd be paying other high price crypto like bitcoin and ethereum, it'd benefit the banks. As they get more returns after the price is increased.
In short you pay through USDT would be paying exact amount as it is pegged to the USD. But imagine paying through eth and the bitcoin, that would be giving the bank more money when you pay the mortgage and that is where they are winning more than us.
What next you can expect? I think probably utility bills and the bills for the variety of small places like internet, movies, resto and even the small farmers market. A lot of them who know crypto are already using it on their own. But overall it would take them lot of time for that adoption to be part of the banking and govt systems.
Traditional Regulation still Applies on Crypto Payments
Now the thing is Chase does not want to break rules. So they are making use of the FCFPay for conversion of the crypto to the stablecoin. Like say you pay via the ethereum and then that is converted into the USD. And so you would find everything is settled in the USD on the chase bank side.
As of now they are allowing the binance coin, doge, XRP, and the USDC & USDT stablecoin into this. They also have the support for the bitcoin and etheruem into this system. But we can be paying more mortgage than required if we use them. So I feel USDC and USDT is the right to use here.
If we consider how the banks are making use of the crypto and how they want to get into the public party of the social coins. You can see that they have their own agenda to damage the crypto movement. And they are kind of getting in the game. Let's see where Chase and other banks go as they continue to adopt the coins.