February 4, 2021 | less than a minute read

Legacy payment systems flip from fighting Bitcoin to fighting over it

Associate

It's a common misconception that Bitcoin and the legacy payment processors like Visa and PayPal are on opposite sides of a battle for the monetary future. Indeed, to realize the full potential of Bitcoin, it will require a "layered" approach. While the first "layer" of the Bitcoin monetary network consists of its battle-tested blockchain, other layers can be built on top of that sturdy foundation to make previously impractical monetary and economic applications a reality. This layered approach can be compared to the modern internet and the underlying TCP/IP protocol.

Bitcoin and crypto custodian Anchorage, last month becoming the first U.S. national "digital asset bank" after it was granted approval for a national trust charter from the U.S. Office of the Comptroller of the Currency (OCC), will hold the bitcoin and cryptocurrencies on behalf of Visa's clients.

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Tweets on this subject

Visa is launching an API that will allow every bank customer to offer Bitcoin through their existing services.

The API is in partnership with Anchorage.

Game changer.
— Pomp 🌪 (@APompliano) February 3, 2021

JUST IN: @Visa is working with @Anchorage to allow customers at traditional banks to "buy and sell digital assets such as Bitcoin," the payments giant said Wednesday.@Nate_DiCamillo reportshttps://t.co/dtaBmyAMow
— CoinDesk (@CoinDesk) February 3, 2021

Visa reveals bitcoin and crypto banking roadmap amid race to reach network of 70 million: by @BillyBambrough https://t.co/LF07r1YliP
— Forbes Crypto (@ForbesCrypto) February 3, 2021