Needing Dollars, Iran-Backed Militias Turn to Visa and Mastercard
Iraq was a minor market for Visa and Mastercard a couple of years ago, generating just $50 million a month or less in cross-border transactions at the start of 2023. Then it exploded to around $1.5 billion in April that year, a 2900% increase almost overnight.
What changed? Iraqi militia groups figured out how to squeeze dollars on an industrial scale from Visa and Mastercard's payment networks for themselves and for their allies in Iran, according to U.S. and Iraqi officials and documents reviewed by The Wall Street Journal.
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The company was founded to make cryptocurrency more accessible to investors, and to bridge the gap between traditional finance and decentralized finance. 21Shares listed the world's first physically-backed crypto ETP in 2018, building a seven-year track record of creating crypto exchange-traded funds that are listed on some of the biggest, most liquid securities exchanges globally. Backed by a specialized research team, proprietary technology, and deep capital markets expertise, 21Shares delivers innovative, simple and cost-efficient investment solutions. 21Shares is a member of a global leader in decentralized finance. For more information, please visit Media ContactMatteo About Hedera Foundation Hedera Foundation fuels the innovation and development of public-network applications on the Hedera network. By providing grants, technical assistance, and community support, we empower projects that leverage Hedera's fast, secure, and sustainable ledger to solve real-world problems. Learn more at DISCLAIMER This document is not an offer to sell or a solicitation of an offer to buy or subscribe for securities of 21Shares AG in any jurisdiction. Neither this document nor anything contained herein shall form the basis of, or be relied upon in connection with, any offer or commitment whatsoever or for any other purpose in any jurisdiction. Nothing in this document should be considered investment advice. This document and the information contained herein are not for distribution in or into (directly or indirectly) the United States, Canada, Australia or Japan or any other jurisdiction in which the distribution or release would be unlawful. This document does not constitute an offer of securities for sale in or into the United States, Canada, Australia or Japan. 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