Visa is testing a suite of banking services for cryptocurrency transactions

Visa announced the start of trials of an experimental set of application programming interfaces (APIs) that allow banks to offer services based on cryptocurrencies.

As part of a pilot project, the payment giant, together with digital bank First Boulevard, is already testing a set of tools that help customers easily work with digital assets. Other financial institutions have also expressed interest in the program and are awaiting approval to participate..

According to Visa representatives, in the future, new services will allow not only buying and selling cryptocurrencies and stablecoins, but also performing other transactions with digital assets. For example, receive interest on deposits in the form of bitcoins, form investment portfolios, open high-yield savings crypto accounts.

Visa is testing a suite of banking services for cryptocurrency transactions

The payment giant is currently working with 35 crypto companies, but the Visa Crypto APIs program is the first time that such solutions are offered to banks..

The company believes that stablecoins can become a convenient tool for trading and exchanging internationally, creating a bridge between thousands of financial institutions of various types. It is possible that Visa is preparing the basis for the deployment of its own digital currency, replacing fiat, the technology of issuing which it intends to patent.

Visa is testing a suite of banking services for cryptocurrency transactions

text: Ivan Malichenko, photo: iStock

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