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Visa provides cryptocurrency services to banks

Visa announced that it is creating a pilot project for a series of application programming interfaces (APIs). The project will allow banks to offer bitcoin services as well as more other cryptocurrencies.

The pilot program, API, will allow customers to “easily connect to the infrastructure provided by Visa partner Anchorage”. The latter is a digital bank that aims to enable VISA customers to buy and sell cryptocurrencies.

Previously, Visa was focused on helping cryptocurrency companies issue bank cards. It has cooperated with 35 such firms to date as e.g. with Crypto.com, BlockFi, Fold and BitPanda.

For Visa it is the first time the company has provided cryptocurrency services to banks.

Last week, Visa CEO Al Kelly said stable currencies could be used for “global trade”. He added that “to the extent that a specific digital currency becomes a popular medium of exchange, there is no reason why we cannot add it to the network.”

The next phase of Visa

“This is shifting to the next phase of the Visa strategy. We are seeing how our company can also be a bridge between thousands of financial institutions. It will help them enter the growing world of crypto assets, “said VISA Crypto CEO Cuy Sheffield, a cryptocurrency editor at CoinDesk. “We are waiting to see what the preliminary tests look like. “We will consider consumer engagement for things like the average cost of buying bitcoin or for things like getting bitcoin as payment.”

Visa news comes after Anchorage became the first national crypto bank approved by the US Currency Controller Office (OCC). Sheffield clarified that Visa had worked on this product with Anchorage and regulators long before approval was granted.

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