Visa Seeks Mass Adoption With New Crypto Pilot For Banks

Visa seeks mass adoption with its new crypto pilot scheme that is designed to help banks facilitate BTC and crypto services. First Boulevard, a digital bank that has a mission to help “Black America build wealth” is the first bank that will take part in this program so let’s find out more about it in today’s crypto news.

Jack Forestell, the Chief Product Officer at Visa says that the company is looking to close the gap between crypto and its merchant network however this API Scheme intends to take this to a new level by bringing banks into the system:

 “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.

With this pilot program, we want to extend the value of Visa to our neobank and financial institution clients by providing an easy bridge to crypto assets and blockchain networks.”

Visa seeks mass adoption with this new program so banks can purchase, custody, and trade crypto assets held by Anchorage Digital Bank. This bank provides institutional-grade custodial services and its co-founder Diogo Monica described it as “Financial plumbing that other companies depend on.” The scheme will pose as a testing ground for banks to access and incorporate crypto products so Visa also expects that the finalized service will be launched later this year.

Visa partnered with First Boulevard to try and level the playing field in terms of bringing new technologies to marginalized groups. Donald Hawkins who is the CEO at the bank said:

 “We are thrilled to partner with the leader in digital payments, Visa, and leverage their crypto APIs to provide another channel for the Black community to access crypto as a new asset class that can help build Black wealth.”

Visa CEO Alfred Kelly spoke about crypto in 2018 and called it a speculative commodity that is not backed by anything. He also refused to deal with it. This year, however, Kelly seems to be having a change of heart.
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He noted:

 “We want to be in the middle, Jim, of every payment flow in the world regardless of how it happens or what the currency is behind it. So if we have to go there, we will go there. But right now, it’s more of a commodity than a payment vehicle.”