Once thought of as one of the bad guys among Bitcoiners, Visa is clearly making waves to harmonize its payment network with the Bitcoin network.
After recent announcements of partnerships with crypto companies to offer easier on and off-ramps, and Bitcoin-back credit cards, the payment giant is now set to align the banking world with Bitcoin infrastructure.
Visa is set to launch an API that will allow banks to offer Bitcoin services, in partnership with Anchorage, a federally chartered digital asset bank.
The Visa Crypto API, will allow its clients to offer a number of services to their customers, including the buying, trading, and custody of Bitcoin.
First Boulevard, a digitally native neobank, will be the first to test the new API after Visa announced a partnership with them. The API will launch sometime in early 2021.
Visa – The Bridge Between Legacy Finance And Bitcoin
According to the announcement, the Visa Crypto API will allow its clients to ‘easily connect into the infrastructure provided by Visa’s partner, Anchorage, a federally chartered digital asset bank, to allow their customers to buy and sell digital assets such as Bitcoin as an investment within their existing consumer experiences.’
Speaking of the announcement, Visa CPO Jack Forestell said the company aims ’to extend the value of Visa to our neobank and financial institution clients by providing an easy bridge to crypto assets and blockchain networks.’
Visa CEO Al Kelly talked about how the payment giant was shifting into the next phase of its strategy to help ‘thousands of financial institutions … tap into the growing world of crypto assets and blockchain networks.’
‘We’re excited to see what early tests and consumer engagement look like for things like dollar-cost averaging to buy Bitcoin or for things like earning Bitcoin back as rewards,’ explained Kelly.
Visa Making Big Moves Into The Bitcoin Space
Visa’s API is one of its many significant moves into the Bitcoin space, after many doubted the payments giant would try and integrate.
Visa CEO Al Kelly was speaking at the payment giant’s Q1 earnings call last month, when he spelled out the company’s intention.
Kelly said Visa was looking to make ‘using Bitcoin and other cryptocurrencies as safe as possible for its users’.
The CEO also emphasized the company was partnering with several cryptocurrency wallets and exchanges to make buying and selling much easier, and also partnering with more crypto companies to offer Bitcoin for spending and cash-back rewards.
Visa has partnered with the likes of Coinbase, Binance, and Fold to offer on-ramp/off-ramp services, debit cards, while also recently partnering with BlockFi to offer a first of its kind Bitcoin-back credit card.
The Bitcoin Rewards Card is set to be rolled out this spring in the US, and cardholders will earn 1.5% cash back on all purchases that will automatically be converted to Bitcoin.
The Bitcoin earned will be held in a BlockFi interest account, which earns 6% APY compound interest paid monthly also in Bitcoin.
Legacy Networks Have To Harmonize With the Bitcoin Network
Visa was always seen as one of ‘The Others’ by Bitcoiners, as the payment network appeared to make things difficult for early crypto companies.
But the regulatory clouds that made things awkward for the payments giant are clearing, and the payments giant is moving as quickly as anyone to try and align its network with Bitcoin’s.
From APIs to on and off-ramps to Bitcoin back credit cards, VISA’s intentions are clear: Bitcoin is inevitable and its either work with it or get left behind.
Author: Tommy Limpitlaw
How long does it take to mine 1 Bitcoin?
On average, the time it takes for miners to mine BTC is 10 minutes. But they don’t just mine 1 BTC. Mined Bitcoins are created with every new block and these produce the Bitcoin block reward which at the moment is 6.25 BTC, so you could say it takes less than 2 minutes to mine each Bitcoin.
How much does it cost to mine 1 Bitcoin?
There is no exact science for the cost of mining a bitcoin, because the price will change every two weeks maximum. This is because there’s a Difficulty Adjustment that ensures it takes about 10 minutes to mine a block. And with other costs, such as your mining equipment, electricity, and other costs, it’s estimated that the average price to mine a bitcoin is around $12,500.
How many Bitcoins are left?
There can only ever be 21 million bitcoins. At the time of writing, there are 18,618,981 bitcoins in circulation. There are 6.25 bitcoins minted roughly every 10 minutes, so that’s 900 every day. The amount of newly minted bitcoins is cut in half roughly every 4 years, in what is known as the halvening. The halvening will continue to take place until the last fraction of Bitcoin is minted in around the year 2140.
Who is the CEO of Bitcoin?
There is no Bitcoin CEO. There is no central authority that directs or controls Bitcoin. It was created by a pseudonymous programmer Satoshi Nakamoto, but he gave it up to the community, and now all decisions are made by the hundreds of thousands of miners and nodes who work for the Bitcoin network.
A Bitcoiner since 2017 and a Bitcoin Maximalist since 2018, Tommy is our main writer and editor at Bitcoin Maximalist. Other than researching and writing about Bitcoin, Tommy loves spending time with his family and supporting his beloved Leeds United.