Visa is testing a new system to enable banks to seamlessly integrate crypto functions. Using Visa’s crypto APIs, banks can offer a number of cryptocurrency services to their customers, including buying, trading, and holding bitcoin.
- Visa on Wednesday announced a partnership with First Boulevard, a digital-born neobank dedicated to serving the black community. The bank will be the first to test Visa’s new suite of crypto APIs.
- “As part of its first pilot program, Visa plans to enable First Boulevard to connect to the infrastructure of Visa’s partner Anchorage, a federally chartered digital asset bank, so that their customers can buy and sell bitcoin,” the payments giant explains. Clients of the bank can “buy, hold and trade digital assets” held by Anchorage. First Boulevard will also launch a Visa debit card.
- The development of the crypto API marks the next phase of Visa’s digital currency strategy. The global payments giant explained that the product “will help additional Visa customers access and integrate crypto features into their product offerings, and is expected to launch later this year.”
- Jack Forestell, Visa’s chief product officer, commented, “With this pilot program, we aim to extend the value of Visa to our neobank and financial institutions customers by providing an easy bridge to crypto assets and blockchain networks.” He further described, “We wanted to bridge Visa between digital currencies and our global network of 70 million merchants and today we are the leading crypto wallet network with 35 crypto platforms choosing to issue with Visa.”
What do you think about Visa that makes it easy for banks to offer crypto services? Let us know in the comments below.
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