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What will be the first use case for Bank of America's crypto payments by end of 2025?
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Official announcement from Bank of America
Story
$1.6 Trillion Bank of America Ready to Embrace Crypto Payments at Davos, Awaits Regulatory Approval
Jan 21, 2025, 01:40 PM
Bank of America, valued at $1.6 trillion, is prepared to embrace cryptocurrencies for payments if regulators approve, according to CEO Brian Moynihan. Speaking at the World Economic Forum in Davos, Switzerland, Moynihan emphasized that if regulations allow for the use of cryptocurrencies in transactions, banks would actively engage in facilitating these payments. He highlighted Bank of America's readiness, mentioning the bank's existing blockchain patents. Moynihan's comments come in the context of President Donald Trump's enthusiasm for digital currencies, suggesting a potential shift in the banking sector's approach to crypto under the current administration.
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