Visa Piloting API Suite to allow Banks to Buy Bitcoin
Visa is piloting an API (Application Programming Interfaces) suite to allow banks to offer their customers Bitc@oin buying services. Their press statement on Wednesday said that the Visa Crypto APIs pilot program enables clients to connect to Anchorage’s (a federally chartered digital asset bank and a partner of Visa) infrastructure for allowing their customers with the facility of buying and selling “Bitcoins as an investment within their existing consumer experiences”.
Visa’s crypto lead, Cuy Sheffield, has said that their company wants to offer their customers a product set that extends to other cryptos and stablecoins. He made it clear in an interview that they will offer cryptocurrency services including crypto trading. The first bank that is involved in this pilot project is First Boulevard, a digital bank. There are many banks on Visa’s waitlist, who are waiting to avail themselves of Visa’s Bitcoin and other crypto-related services.
This is not the first time Visa has helped its partners with crypto services. Earlier, they helping cryptocurrency companies issue bank cards. Till now, Visa has partnered with 35 such cryptocurrency companies.
In their earning call, Visa CEO Al Kelly said that stablecoins can now be used for global commerce. He went on to say that as “a specific digital currency becomes a recognized means of exchange, there’s no reason why we cannot add it to our network.”
While unveiling their next phase of the plan, Visa’s crypto lead, Cuy Sheffield, has said:
“This is shifting to the next phase of Visa’s strategy where we’re looking at how Visa can also be a bridge between the thousands of financial institutions … and help them tap into the growing world of crypto assets and blockchain networks… We’re excited to see what early tests and consumer engagement look like for things like dollar-cost averaging to buy bitcoin or for things like earning bitcoin back as rewards.”
Visa is also reportedly partnering with 5 Black banks and fintech companies for offering financial and business services for offering financial services to the black community.
