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Visa will be partnering with digital neobank First Boulevard and digital asset bank Anchorage to test out a new suite of crypto APIs.
According to the company’s announcement, the pilot will serve as a first step in launching new capabilities that allow customers to purchase, custody, and trade digital assets.
First Boulevard, a digitally native neobank, will be the first to test out Visa’s new suite of APIs. The custody service will be provided by Anchorage, a federally chartered digital asset bank. The official product offering is anticipated to launch later this year, the company said.
“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,” said Jack Forestell, the chief product officer at Visa.
Forestell also revealed there are currently 35 cryptocurrency platforms that have chosen to issue with Visa, making their products available to Visa’s network of 70 million merchants worldwide.
Diogo Monica, the president and co-founder of Anchorage, said Visa’s crypto API pilot program is a significant step for the crypto industry and traditional finance services. Introducing a new crypto-focused product suite will help proliferate cryptocurrencies as an asset class and enable better inclusion in payments and financial services, he explained in the release.