Visa has revealed First Boulevard, a Kansas-based digital bank for Black Americans.
Visa says that First Boulevard will become its first partner to launch a new crypto application program interface (API) pilot program later this year. As reported by the credit card giant, this cooperation will empower Visa clients to access and integrate crypto features into its products.
First Boulevard customers can purchase, custody, and trade digital assets held by the U.S. national trust charter Anchorage. By prioritizing partners like First Boulevard, Visa strives to level the playing field for every client willing to access new technologies.
President and CEO of First Boulevard Donald Hawkins emphasized that joining forces with Visa will allow it to help Black Americans build wealth.
“We are thrilled to partner with the leader in digital payments, Visa, and leverage their crypto APIs to provide another channel for the Black community to access crypto as a new asset class that can help build Black wealth.”
Pursuing its partnership diversity and global acceptance, Visa today also announced several more partnerships intended to prove its commitment to closing the racial wealth gap.
Visa’s Digital Currency Strategy Culminates
The initiative to add new features comes after Visa expressed its readiness to add cryptocurrencies to its payment networks. The company’s new approach to digital assets has already benefited several crypto-centric businesses.
Crypto exchange bank Crypto.com and the world’s largest crypto exchange Binance have already launched their cards, while 33 more services are enjoying Visa’s support. Chief Payments Officer Jack Forestell explains:
“We set out to make Visa the bridge between digital currencies and our global network of 70 million merchants and today we are the leading network for crypto wallets with 35 crypto platforms choosing to issue with Visa.”
Visa will allow First Boulevard connect to Anchorage’s infrastructure. Diogo Monica, president and co-founder of Anchorage, claims that it is “a significant step forward both for the proliferation of crypto as an asset class and for accessibility and inclusion in payments and financial services.”
“We are thrilled to be working alongside Visa and First Boulevard to build the infrastructure for a more secure and equitable financial future,” Monica said.
First Boulevard Debit Card to Launch
Apart from the pilot, First Boulevard will also issue a First Boulevard Visa Debit card. Reportedly, it will offer digital-first features. This includes early access to wages, a Cash Back for the Buying Black program, and financial education and budgeting tools to maintain financial discipline.
First Boulevard intends to implement financial literacy education into its core platform. It will do so with specially created playlists enabling its consumers to learn major concepts about money and investing through listening.
Facing increasing demand from zoomers and millennials, Visa will contribute to developing educational resources and materials to fully embrace crypto and blockchains for those looking to dive into new asset classes.