Visa is developing a set of APIs for banks and financial organizations. By such interface, Visa will be able to provide their clients with services for working with crypto assets.
Payment card operator Visa and First Boulevard are preparing to launch a program for banks and customers that allow them to buy, sell and store cryptocurrencies.
First Boulevard Neobank will be the first user of Visa software interfaces (APIs). First Boulevard CEO and President Donald Hawkins believes that Bitcoin is a new asset class that can support new means of payment transfers.
The Anchorage custodial service will store cryptocurrencies on behalf of Visa customers. Last month, Anchorage received a license from the Office of the Comptroller of the Currency (OCC). This means that customer funds will be held in accordance with the requirements of US regulators.
In addition, banks will allow users to withdraw cryptocurrencies and store them independently, unlike the PayPal, which put certain restrictions on cryptocurrency transactions. The launch of the Visa pilot program is scheduled in the end of the year.
“Our strategy is to work with wallets and exchanges, and users can buy cryptocurrencies using their Visa credentials. People should be able to pay with cryptocurrencies wherever Visa is accepted,” said Visa CEO Alfred Kelly.
The head of the cryptocurrency department of Visa, Cuy Sheffield, compared cryptocurrencies to “digital gold” despite the fact that they are not used everywhere as a means of payment.
Visa Product Development Director Jack Forestell added that the initiative aim is to unite the financial industry with the world of blockchain and cryptocurrency.
Other than First Boulevard, the payment operator plans to cooperate with the organizations CapWay, eatOkra, OneUnited Bank and Urban One.