Capital One, the nation’s largest credit card issuer, has announced it is accepting crypto currencies as payment in a bid to compete with rival Visa and Mastercard.
The company says it will offer its customers the opportunity to convert any crypto coin into a dollar, euro or pound of value for up to $50.
The transaction can be completed in the comfort of their own home.
“Today we are announcing Capital One’s first crypto currency transaction,” the bank said in a statement.
“As we continue to evolve our platform, we are confident we can offer the best and most convenient way to make a dollar payment online, through Capital One accounts, or with your credit card.”
Cryptocurrencies such as Bitcoin and Ethereum have gained popularity in recent months.
Capital One says it has a global network of more than 5 million customers who use its banking services to convert Bitcoin and other cryptocurrencies to dollars, euros and pounds.
The firm also says it’s introducing a range of new products for users, including the first Bitcoin wallet.
The US Federal Reserve and other regulators have raised questions about the use of crypto currencies, saying they are prone to double-spending.
The Fed said in October that it’s considering regulating cryptocurrency exchanges to protect consumers, but the Trump administration has been slow to implement measures aimed at cracking down on money laundering and cybercrime.
Last month, US regulators announced they would impose a ban on the use and transfer of crypto currency in the US.
The announcement comes as the Federal Reserve is planning to start holding its first virtual currencies, and the US Justice Department is investigating whether the government has cracked down too heavily on virtual currencies.