Visa has announced a partnership with First Boulevard, a local digital neo bank targeting the « African American » community. She will be the first to test Visa’s new crypto API suite.
Visa crypto APIs to discriminate against population groups
The development of Visa’s cryptographic application programming interfaces (APIs) marks the next step for the payments giant in its digital currency strategy. As part of this first test phase, the world’s leading provider is looking for ways in which financial institutions without their own digital infrastructure can use their platform to access cryptocurrencies.
We are now the leading crypto wallet network with 35 platforms choosing Visa. With this pilot program, we aim to extend the value of Visa to our neobank and financial institution customers by providing a simple bridge to crypto assets and blockchain networks. «
In order to initiate this phase of experimentation and combine it with a commitment to promoting diversity and inclusion, Visa chose the First Boulevard of Neobank, which, according to Donald Hawkins, its president, has set itself the task of « to black America help create wealth « . Neobank can connect to the infrastructure of Visa partner Anchorage, the first state-chartered digital asset bank, to enable its customers to buy and sell Bitcoin.
First Boulevard will also be launching a Visa debit card that will provide certain features like early access to salaries, a cashback program, and financial education tools, including training materials, to help make crypto more accessible.
Bitcoin, financial freedom for black America
Persistent social and economic inequalities between blacks and whites in the United States have become a national problem. The gap is widening and serious initiatives are beginning to curb this structural phenomenon, exacerbated by the health crisis and massive protests under the motto “Black Lives Matter”.
The Fed (the US central bank) itself has urged the economic and financial world to act, citing « the historical and institutional inequalities of the financial system ». Therefore, by alliance with First Boulevard, Visa is part of this policy aimed at promoting the financial inclusion of color communities. The engagement doesn’t end there as the payment processor has stated that it is working with other companies specifically targeting this discriminated audience.
Using decentralized cryptos as a privileged tool for the financial inclusion of people with or without bank details is a strong idea that presided over its creation. Some, like the author of Bitcoin & amp; Black America, Isaiah Jackson, even believes that only Bitcoin can represent financial freedom for black America. Better still, in his view, by combining finance and technology to ensure the economic survival of America’s black community, Bitcoin not only lays the foundation for the autonomous creation of wealth, but also enables leverage for the generations who make the The two will finally eliminate systemic difference between the two.