Visa is experimenting with a new system to enable banks to seamlessly integrate encryption functions. Banks can use Visa’s encryption API to provide customers with a variety of cryptocurrency services, including bitcoin purchases, transactions, and custody.
- Visa announced on Wednesday that it is cooperating with First Boulevard, a digital native bank dedicated to serving the black community. The bank will be the first to test Visa’s new encryption API suite.
- The payment giant explained: “As part of the initial pilot program, Visa plans to connect First Boulevard to Visa’s partner, the infrastructure provided by the Federally Chartered Digital Asset Bank Anchorage to allow its customers to buy and sell Bitcoin.” Bank’s customers It will be able to “buy, custody and trade digital assets held by Anchorage.” First Avenue will also launch a Visa debit card.
- The development of the encryption API marks the next phase of Visa’s digital currency strategy. The global payment giant explained that the product will “help more Visa customers access and integrate encryption features into their products, and it is expected to be launched later this year.”
- Jack Forestell, Visa’s chief product officer, said: “Through this pilot program, we hope to extend the value of Visa to our Neobank and financial institution customers through an easy bridge between encrypted assets and blockchain networks.” He further described “We set out to make Visa a bridge between the digital currency and our global network of 70 million merchants. Today, we have become the leading network of 35 crypto wallets that choose to use the crypto platform issued by Visa.”
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