Gmail Competitor FastMail to Stop Accepting Cryptocurrency Payments

Francisco Memoria

FastMail, a Gmail competitor focusing on speed and efficiency, has recently warned its users that it’s going to stop accepting cryptocurrency payments at the end of March, as the costs it was enduring to accept bitcoin and bitcoin cash payments became “unsustainable.”

According to a Reddit thread created by a user who received FastMail’s notice, the company has noted that only a small number of its users were paying for the service with cryptocurrencies. The notice reads:

Bitcoin is used by only a small number of customers, which unfortunately makes the integration costs of maintaining Bitcoin support unsustainable. You can still pay with Bitcoin through March 31, 2019. Add funds to your account now to be used for future renewals.

Going forward, the email service provider is going to accept traditional payment methods only, include Visa, MasterCard, PayPal, and American Express. Reacting to the news some users noted there are other options accepting cryptocurrency payments out there, while others lamented the development.

Back in 2016, FastMail made headlines after it quietly started accepting cryptocurrency payments. The company started accepting them through cryptocurrency payment provider BitPay, which some are blaming for the recent development, over the costs FastMail claims to have.

While FastMail is set to stop accepting cryptocurrency payments, crypto adoption has seemingly been growing. Earlier this year, a giant Danish online food portal started accepting BTC payments, as well as premium airline Surfair for a fundraising campaign.

The Swiss Warm to Crypto Investments

The Swiss are shifting more focus to cryptocurrency investments. This is according to a survey taken on behalf of Migros Bank, which revealed that a growing proportion of Swiss residents are invested or actively looking to invest in cryptocurrencies.

The survey which was conducted by market research institute Intervista showed that 7% of savers between the age of 18-55 already hold cryptocurrencies such as ether and bitcoin. Even more encouraging was the finding that 7% of those aged between 30 and 55 plan to extend their crypto portfolios in the future.

Unsurprisingly, the survey found younger participants to be the most bullish on the long term prospect of crypto. According to 13%, aged between 18 and 29, cryptocurrencies will become more "important" in the future.

Less extraordinary were the results of the older generation. Per the survey, respondents aged over 55 were much less likely to own cryptocurrencies, and only 0.5% thought that it was a worthwhile long term investment. 

Switzerland Ups the Ante on Crypto Regs

This uptick in demand for cryptocurrency comes just after Switzerland imposes more stringent crypto regulations. 

Jumping off recommendations issued within both the Financial Action Task Force (FATF) guidance and the EU's 5th anti-money laundering directive (5AMLD), the Swiss Financial Market Supervisory Authority, or FINMA, recently opted to tighten their travel rule.

The rule, which requires crypto firms to disclose customer information for transfers above $1,000, was initially set by FINMA at a threshold of $5,000 (5,000 CHF) but has since lessened to just $1,000 per the FATF and 5AMLD directives. 

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