Visa to Launch Crypto APIs to Enable Banks buy Bitcoin

Visa, one of the world’s leading payment firm has announced that it is compiling a crypto APIs pilot programme that will give banks access to Bitcoin services.

The application programming interfaces (APIs) set to be launched by payment company will allow clients to have easy connection to market information provided by Anchorage. 

Anchorage is a federal chartered digital asset bank and a partner to Visa. This stress-free connection will allow their customers to buy and sell cryptocurrencies such as bitcoin. The digital asset bought can serve as an investment within their existing consumer experiences.

Visa’s Crypto APIs Pilot Programme Is a Right Step

The payment company is pursuing a future where a product is made to cater to stablecoins, cryptocurrencies, and many other crypto services. First Boulevard, a digital bank is set to be the financial institution involved in the pilot phase. The company has however issued a waitlist for other banks.

Recently, the CEO of Visa, Al Kelly had said:

stablecoins could be used for global commerce. […] to the extent a specific digital currency becomes a recognized means of exchange, there’s no reason why we cannot add it to our network.”

The Right Step To Creating a Black Crypto Bank

Visa’s system is hoping to make a scaffold among financial establishments. It additionally wants to help those banks tap into the developing ecosystem of crypto assets and blockchain networks. 

Visa’s crypto APIs pilot programme news likewise comes after Anchorage turned into the only OCC affirmed public crypto bank. Although Sheffield Visa had been working on this product with Anchorage sometime before the custodian’s charter was approved. 

First Boulevard, the first firm to join the Visa pilot, is a digital bank that is building its system to assist African Americans with building wealth. It will dispatch at some point in mid-2021. The bank plans on utilizing the bitcoin services and its association with Visa to teach its clients about bitcoin as an approach to close the overall wealth segregation faced by the Black people.