Visa, the most-used credit card service provider, has launched a Bitcoin-based API for banks. This programming interface will allow banks to offer a variety of Bitcoin-based services to their customers.
On February 3, Visa made its plan known via a press release with some details of the launch. Visa developers will create a Bitcoin-based API for banks and neobanks. Meanwhile, the API will allow Visa clients to integrate BTC sales into their services.
“We are set to make Visa the bridge between crypto assets and our global network of more than 70 million clients,” Jack Forestell said. “With this pilot project, we will extend the use case of Visa to our neobanks and financial institution merchants. Thereby providing an easy gateway to digital currencies and blockchain networks.” Forestell is the Chief Product Officer of Visa.
Forbes called this announcement “a significant change” because Visa was once an opponent of Bitcoin and cryptocurrencies in general. Currently, Visa is in partnership with about 35 crypto exchanges and wallets. Likewise, they hope to become an important medium that will encourage massive blockchain adoption.
According to Forbes, Visa CEO Alfred Kelly, described Bitcoin as digital gold. Kelly said BTC has gained popularity as a durable long-term asset. Likewise, Bitcoin is immune to inflation and plagues that fiat currencies face from time to time.