Nexo

Join the hunt for $12,000,000+ in NEXO Tokens!

Learn More
Home » Business » Visa to Allow Cryptocurrency Purchases at US Banks

Visa to Allow Cryptocurrency Purchases at US Banks

by

Visa is piloting a software standard to allow banks to offer Bitcoin trading services. 

Visa to Allow Cryptocurrency Purchases at U.S. Banks
Shutterstock image by Primakov

Key Takeaways

  • Visa is planning to launch a suite of software applications for banks to enable crypto trading.
  • The card issuing giant has partnered with Anchorage for custody and executing crypto trades.
  • U.S.-based bank First Boulevard will be the first bank to integrate Visa's services.

Share this article

Visa has partnered with Anchorage, the first federally-chartered crypto bank. The credit card giant will launch a new initiative to enable the purchase and sale of Bitcoin and other cryptocurrencies at traditional banks. 

Using Visa to Buy Bitcoin

Visa aims to launch a suite of software APIs this year giving banks access to buy, sell, and store crypto assets for customers. 

Anchorage will be the digital custodian of Bitcoin and cryptocurrencies purchased at Visa’s partnering banks. The above service eliminates a big hurdle for banks in offering crypto-related services due to lack of expertise and security concerns. 

First Boulevard in Kansas, an American digital bank that promotes the economic status of people of color in the U.S., will be the first bank to integrate the APIs.

Currently, Visa is only looking to tap the investment potential of digital assets rather than their payment capabilities. Visa’s head of crypto, Cuy Sheffield told Forbes that he views Bitcoin more as a form of digital gold than a payment solution, saying the strategy is to “enable users to purchase these currencies using their Visa credentials.”

PayPal expressed similar intentions when they enabled Bitcoin and crypto as an investment vehicle last year, disabling deposit and withdrawal of crypto. The launch of crypto on Paypal in the latter half of last year was a major contributor to bullish sentiment in the crypto market. 

Compared to PayPal, the Visa announcement could be even more significant, as the credit card giant’s plans of expanding crypto trading across all traditional banks might make PayPal’s effort seem insignificant. 

Disclosure: The author held Bitcoin at the time of press.

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

Crypto Briefing may augment articles with AI-generated content created by Crypto Briefing’s own proprietary AI platform. We use AI as a tool to deliver fast, valuable and actionable information without losing the insight - and oversight - of experienced crypto natives. All AI augmented content is carefully reviewed, including for factural accuracy, by our editors and writers, and always draws from multiple primary and secondary sources when available to create our stories and articles.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.