The company evaluates its APIs to integrate them with bitcoin services. In case Visa implemented these APIs correctly, the activation would take place at the end of the year.
The multinational financial services corporation, Visa, announced yesterday, February 3 that it is designing a pilot plan for traditional banking customers to carry out operations with bitcoin (BTC) in the United States. The company is testing the performance of its programming interfaces (APIs) to enable the service as soon as possible.
Visa established an alliance with the new bank First Boulevard to advance testing, marking a new stage in its strategy regarding the proper engagement with cryptocurrencies like bitcoin.
The company explained through a statement that the platform would join forces with its partner Anchorage, the digital asset bank authorized by the Office of the Comptroller of the United States’ Currency. In theory, Visa will now be a bridge that connects First Boulevard users with the crypto assets Anchorage handles.
“First Boulevard will be the first to handle Visa’s new set of cryptocurrency APIs, which will allow its clients to buy, custody, and trade digital assets held by Anchorage. The test will serve to support API capabilities and help other Visa customers to integrate cryptocurrency features into their product offerings,” the press release highlighted.
If it passes all the tests and complies with the security guidelines, Visa thinks that the service could be officially seeing the light of day at the ending stages of 2021. The payment processor’s goal is to serve as a provider to traditional banks and financial institutions that do not have their cryptocurrency infrastructure.
Integrate Services with Bitcoin and Stablecoins
Jack Forestell, director of products at Visa, said that one of the corporation’s goals is to bring cryptocurrencies to the network of more than 70 million establishments that already process payments with credit and debit cards under the issuance of Visa.
The services are also trying to cover other cryptocurrencies beyond bitcoin, as well as stablecoins or stablecoins. Cuy Sheffield, Visa Crypto leader, clarified the considerations of the company about offering support for a proper trade process regarding crypto assets.
Visa’s approach with the bitcoin ecosystem is growing in a very gradual process, the growth that Visa is so notable that it appears now to be at its peak regarding cryptocurrencies. Visa forges and maintains alliances with 35 companies. Many of these companies already applied and operate with cards under the issuance of Visa.
In July 2020, the company released a document titled “Advancing our approach to digital currency” In it, Visa presented seven points that show how important are the roles that Visa’s foundations play in its business models with bitcoin.
Visa’s most important values within the Bitcoin industry are security, privacy, integrity, trust, and regulation. It is also essential to consider that Visa has listed stable coins as a “promising payments innovation.”
By: Jenson Nuñez
