Visa has continued its efforts towards democratising crypto adoption through its recent partnership with Anchorage, the first federal-chartered crypto bank, which would allow the top financial institution offer banks an opportunity to provide Bitcoin services to their customers.
According to the press statement released by the credit card giant, its new initiative would allow conventional banks use its API software to buy, sell, and store crypto assets for their customers. Visa went on to state that this new product will see its usage extend to other crypto assets and Stablecoins and it also envisions it spreading into other crypto services like trading.
In previous times, conventional banks always cited their lack of expertise and their need for a stronger security measure as why they were reluctant to embrace crypto services. But with this new Visa API software, they would be able to circumvent the previous challenges that they had regarding providing crypto services.
Anchorage is expected to provide custodial services for the digital assets that may have been procured from these banks. The leading digital bank in Kansas, First Boulevard, is the first bank that is testing the software. Visa has also gone on to create a wait list for other banks that may be looking to incorporate the software into their system.
Visa is Focused on The Investment Potential of Crypto Assets
Cuy Sheffield, the chief of Visa’s crypto department, has said that the financial institution is currently focused on the potential crypto and other digital assets has as an investment option instead of their payment capabilities.
He added that he views the leading crypto asset more as a digital gold than as a payment solution. He then proceeded to say that the strategy of the firm is to “enable users to purchase these currencies using their Visa credentials.”
Sheffield also stated that Visa’s API software is looking to help banks “tap into the growing world of crypto assets and blockchain networks.”
Before its recent attempts at partnering with traditional banks, Visa had previously helped crypto companies issue bank cards and has successfully partnered with over 30 crypto firms.