- Visa has announced a new roadmap to extend its digital currency services
- The crypto API suite from Visa looks to introduce traditional financial markets into the crypto space
- As part of the roadmap, Visa has partnered with neobank First Boulevard to test pilot the crypto suite
Visa announced that the development of the crypto APIs marks the next phase of their digital currency strategy. Visa announced that the APIs will help expand the company’s role as a network-of-networks. The global payment services also announced a partnership with Neobank, First Boulevard.
Visa’s Partnership With First Boulevard
Global financial service providers, Visa, has announced a partnership with neobank, First Boulevard. The digital bank focuses on building generational wealth among the Black community.
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The partnership will make the neobank the first to test Visa’s new line of API suites. Upon integration, users of First Boulevard will be able to purchase, custody, and trade digital assets that are held by Anchorage, a federally chartered digital asset bank.
This initial test phase with First Boulevard is put together for Visa to explore the best methods financial institutions that lack a digital currency infrastructure can harness Visa’s platform. The APIs will help these institutions tap into the growing world of crypto assets and blockchain networks.
In addition to the Visa API test phase, First Boulevard has outlined plans to incorporate financial literacy education into their core platform. The goal of the platform is to help users in underserved communities understand new asset classes and technologies like crypto.
The bank announced that it will utilize bite-sized “playlists” for users to listen and learn the key concepts of money and investing. Visa will work on the project with First Boulevard to develop the educational resources and materials.
On the Flipside
- A new bill passed to the parliament seeks to prohibit the use is all “Private Cryptocurrencies” In India
- Although part of the bill confirms that India is making plans to launch a central bank digital currency (CBDC) the bill has received a widespread rejection
- If the bill is passed, India may once again return to 2017 when the use of cryptos was considered illegal and punishable with a fine, or one to ten years imprisonment
The Race To Reach A Network Of 70 Million
The broader vision which goes beyond the current partnership with First Boulevard has Visa set its eyes on a network of 70 million merchants. Jack Forestell, the chief product officer of Visa announced that;
We set out to make Visa the bridge between digital currencies and our global network of 70 million merchants and today we are the leading network for crypto wallets with 35 crypto platforms choosing to issue with Visa.
He further announced that the pilot program will extend the value proposition of Visa, their neobank and financial institution clients. With the APIs, Visa will be able to provide a bridge between traditional financial services to crypto assets and blockchain networks.
More than introducing the market to cryptos, Visa will be working with the regulated bank, Anchorage, and First Boulevard to build the infrastructure that is more secure and equitable.
