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VISA Just Announced Neobank Pilot

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Feb 4, 2021

Ever since the beginning of the year 2020, VISA has started taking a lot of interest in cryptocurrencies. VISA, which is one of the largest financial institutions has made it clear that it is very interested in cryptocurrencies and other digital assets. It knows very well how important it is to keep changing the way it operates with time and adopt advanced technologies.

This time again, VISA has given another great news to the users of the cryptocurrencies as well as the crypto-industry. The firm has taken another step into cryptocurrency adoption and will be taking on new challenges in the industry.

In the recent statement released by VISA, the officials at the company have revealed that they have recently made a promising deal. The deal has been made between VISA and First Boulevard, which is a neobank based in Kansas. The firm First Boulevard is known for targeting customers that predominantly belong to the Black community.

It has been revealed by VISA that First Boulevard is not the only firm it is going to partner with for with respect to crypto-projects. However, First Boulevard is the first company that VISA has signed the agreement with to commence the crypto APIs offering pilot for VISA.

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The digital assets that will be tested during the pilot will be the ones that are held by Anchorage, which is an American custody firm for cryptocurrencies.

It was just last year when Anchorage received approval from the American banking regulator for the national trust charter. The banking regulator that has given the national trust charter approval is the Office of the Comptroller of the Currency.

In a statement, VISA officials have stated that the company has achieved the first milestone in supporting the capabilities of APIs. With the help of this technology, VISA’s clients will also have the ability to integrated crypto-related services and products for their consumers and users.

VISA stated that once the project is launched from their end, it will turn out to be the best service for its clients. They will also have the option to offer numerous products to their users and clients that will support crypto-payments.

VISA has confirmed that it is planning to complete the pilot before the end of the second quarter for the running year. It is planning to launch the products in selected regions by the end of the running year.

The announcement comes right after VISA’s statement where it expressed its intentions of jumping into the crypto-pool. The company stated that it plans to set foot into the stablecoin-related and crypto-asset companies.

Alfred Kelly, who is the CEO of VISA also hinted that they are also planning to work with cryptocurrency exchanges and cryptocurrency wallet providers to introduce more developments.

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