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Why Did Banks Ban Cryptocurrency Purchases Using Their Credit Cards?

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The wave of banks that have banned the purchase of cryptocurrency using their credit cards grows as Wells Fargo is now on board with these type of bans. A number of other banks, such as Chase, Bank of America, Citigroup and more, are also part of this new trend that is limiting the purchase of cryptos.

Debit cards, it seems, can still be used to purchase crypto (check with your bank to be sure of their policy), but the use of credit cards to purchase crypto has taken a turn with these banks leading the way with these purchasing bans, and it probably won’t be long before this ban becomes the standard.

Seemingly overnight purchases started being cancelled when credit cards were used to buy crypto, and people who never had any trouble before buying crypto with their credit cards began to notice that they weren’t being allowed to make these purchases anymore. Volatility in the cryptocurrency market is the culprit here, and banks don’t want people to spend a lot of money that will become a struggle to pay back if a major cryptocurrency downturn happens like it did at the beginning of the year.

Of course, these banks will also be missing out on the money to be made when people purchase cryptocurrency and the market has an upswing, but they have apparently decided that the bad outweighs the good when it comes to this gamble with their credit cards. This also protects the consumer as it limits their ability to get into financial trouble by using credit to buy something that could leave them cash and credit poor.

Most investors who used credit cards to make cryptocurrency purchases were probably looking for the short term gains, and had no plans to stay in for the long haul. They had hoped to get in and out quickly, then pay off the credit cards before the high interest kicked in. But with the constant volatility of the cryptocurrency market many who had bought, with this plan in mind, found themselves losing a tremendous amount of assets with the downturn of the market. Now they are paying interest on lost money, and that is never good. This, of course, was bad news for the banks, and it caused the current and growing trend of banning crypto purchases with credit cards.

The lesson here is that you should never max out a line of credit to invest in crypto, and only use a percentage of your hard assets to make crypto purchases. These funds should be funds that you can have locked up for the long haul without it hurting your budget.

So, don’t get caught putting money into cryptocurrency that you will be needing soon just to find that a downturn has taken money out of your pocket. There is an old saying that goes, “Don’t gamble with money you can’t afford to lose,” and that is the lesson that banks want people to learn as they venture into this new investment frontier.

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Divergence Lists on AscendEX

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Divergence Lists on AscendEX

On Sept. 23 at 1 p.m. UTC AscendEX will list the Divergence token (DIVER) under the trading pair USDT/DIVER. To celebrate the listing, AscendEX and the Divergence team are pairing up to launch a number of limited-time promotional events between 1:00 a.m. UTC, on Sept. 24 and 12:00 a.m. UTC, on Oct. 1, 2021. These events will offer users the chance to share 90,000 USDT worth of pooled rewards.

Divergence is a decentralized platform built for hedging and trading DeFi-native asset volatility with an AMM-based marketplace, trading synthetic binary options. Currently, there’s a lack of practical, easy-to-use solutions for trading and hedging volatility of assets that exist on the different layers of DeFi applications with exposure to multiple sources of risk. 

Volatility derivatives and options products are a significant sector in traditional finance, yet they are still in their early stages when it comes to crypto markets. Derivative products have a high technical entry barrier for retail users, especially for products like options. Divergence has started by offering binary options which have relatively easy-to-understand mechanisms and a binary payoff.  

A key feature of the Divergence user experience is the simplicity of option composability. Option markets on Divergence platform can be created at strike prices and expiration cycles of choice, using any fungible token, including DeFi assets issued by other protocols. The platform features a one-step seeding and minting process, meaning that users don’t need to mint a derivative token prior to allocating funds to a seed pool, minimizing fees for traders.

Divergence has also focused on Capital Efficiency. Only one collateral unit is required to write a binary call or put for a pool with no need for over-collateralization. Once a pool is created, the same collateral is used when it is time to buy or sell options. The smart contract reserves max claims for collateral, providing LPs the flexibility of withdrawing capital before expiry.

When it comes to managing price risk, existing decentralized futures and perpetual products offer linear risk exposures for a limited number of major assets. Options, as a less-developed product, can provide a non-linear risk-reward structure. This allows options traders to build leveraged positions in assets at a lower cost than making a traditional transaction. 

​​The DIVER token is a transferable representation of the governance and utility functions specified in the Divergence platform. DIVER allows holders to propose and vote in on-chain governance proposals to determine future features and parameters of the Divergence platform. Divergence Staking contracts are used to provide higher yield to long-term holders of DIVER tokens. Divergence will periodically share various types of token rewards amongst the stakers and governance token holders.

AscendEX’s listing of Divergence exhibits their strong support for DeFi projects designed to accommodate new retail users and professional traders alike. Divergence’s commitment to a simplified user experience for a very technical product offering is exactly the type of project that AscendEX aims to partner with to open up new retail markets in the crypto space.

About AscendEX 

AscendEX is a global cryptocurrency financial platform with a comprehensive product suite including spot, margin, and futures trading, wallet services, and staking support for over 150 blockchain projects such as bitcoin, ether, and ripple. Launched in 2018, AscendEX services over 1 million retail and institutional clients globally with a highly liquid trading platform and secure custody solutions. 

AscendEX has emerged as a leading platform by ROI on its “initial exchange offerings” by supporting some of the industry’s most innovative projects from the DeFi ecosystem such as Thorchain, xDai Stake, and Serum.  AscendEX users receive exclusive access to token airdrops and the ability to purchase tokens at the earliest possible stage. To learn more about how AscendEX is leveraging best practices from both Wall Street and the cryptocurrency ecosystem to bring the best altcoins to its users, please visit www.AscendEX.com.

For more information and updates, please visit:

About Divergence

Divergence is a decentralized platform for hedging and trading DeFi-native asset volatility, with its flagship product being an AMM-based marketplace that trades synthetic binary options.  Derivative products have a relatively high technical entry barrier for retail users, especially for products like options. Divergence has started by offering binary options which have relatively easy-to-understand mechanisms and a binary payoff.  

For more information and updates, please visit:

Disclaimer: This is a paid Press Release. Any information contained in this website is not proposed to be and doesn’t constitute financial advice, investment advice, trading advice, or any other advice. The NewsCrypto is not responsible to anyone for any decision made or action taken in conjunction with the information and/or statements in this press release.

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Want to Know the Top 5 Coins For Staking in 2021? Find Out!

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Want to Know the Top 5 Coins For Staking in 2021? Find Out!
  • The validators (stakers) are also paid with the freshly minted coin.
  • Polkadot is a heterogeneous multichain exchange blockchain.

Crypto staking is becoming one of the most profitable methods to earn, invest, and profit.

It is the process of verifying ‘locked up’ digital assets in a decentralized crypto network to guarantee the network’s integrity, consistency, and security. The validators (stakers) are also paid with the freshly minted coin to assist and protect the network.

Here are the best five cryptocurrencies to stake in 2021.

Cardano (ADA)

The co-founder of Ethereum developed Cardano. Thus they have certain similarities. Smart contracts are digital agreements that utilize blockchain technology to verify transactions. Some investors think smart contracts would change society, especially the legal industry.

Cardano is more energy-efficient than Bitcoin. Bitcoin miners utilize powerful computers to solve increasingly challenging puzzles to verify transactions and earn tokens.

Cardano (ADA) staking is possible on Crypto.com and Binance. A more secluded location to stake may be found in Yoroi Wallet or Daedalus Wallet. According to CoinMarketCap, the Cardano price today is $2.08 USD with a 24-hour trading volume of $2,808,791,362 USD.

Polkadot (DOT)

Polkadot, a heterogeneous multichain exchange blockchain created by Ethereum co-founder Gavin Wood. In this way, several blockchains may communicate with each other. Staking this asset may be a fantastic choice as the platform expands to accommodate additional projects.

According to CoinMarketCap, the Polkadot price today is $27.10 USD with a 24-hour trading volume of $1,540,743,056 USD.

VeChain (VET)

VeChain, a blockchain platform, aims to record every step of the supply chain. It is still up over 600% year-to-date compared to December 2020. So, this cryptocurrency has been on a roll, despite a drop this year. This is a great result and may indicate a strong future for the coin.

According to CoinMarketCap, the VeChain price today is $0.084943 USD with a 24-hour trading volume of $302,011,017 USD.

Solana (SOL)

Solana (SOL) is a scalable Open Technology blockchain and cryptocurrency. Soon after its debut, Solana built a DEX using the Serum protocol, another emerging blockchain.

Furthermore, the Solana platform is a powerful Ethereum alternative. So, the greatest SOL burst may occur in late 2021. According to CoinMarketCap, the Solana price today is $130.74 USD with a 24-hour trading volume of $2,516,287,186 USD.

Cosmos (ATOM)

Several crypto analysts and professionals believe Cosmos (ATOM) is a superior investment to other major cryptocurrencies and DeFi coins due to its first-mover advantage as an interoperable blockchain platform.

Despite Cosmos’ ups and downs, experts expect ATOM’s price to increase over time. Moreover, Cosmos will always have an edge as an interoperable blockchain. According to CoinMarketCap, the ATOM price today is $35.37 USD with a 24-hour trading volume of $1,079,176,926 USD.

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Cardano (ADA) Needs Retail Trader’s Support to Avoid Downfall

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Cardano (ADA) Needs Retail Trader's Support to Avoid Downfall