Visa has reportedly forged an alliance with a neobank, in a bid to run testing phase for a crypto initiative, which makes purchase, custody, and trading of crypto assets available to underbanked persons. 

Specifically, clients of First Boulevard – a neobank “built for Black America” – will reportedly soon have the ability to utilize Visa’s application programming interfaces (APIs) to experience trading and custodying features of crypto. 

Per VISA, the collaboration is reportedly included in its attempt to equip individuals using financial establishments, without the infrastructure for crypto assets, with the appropriate means for experiencing crypto and blockchain.

“With this pilot program, we want 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 chief product officer Jack Forestell reportedly remarked. 

Per Donald Hawkins – President and Head of First Boulevard, Visa’s crypto APIs will reportedly offer assistance in “provide another channel for the Black community to access crypto as a new asset class”, which is expected to bring down the wealth difference. 

Hawkins further shared that taking into account the existing economic trends, the net medium income of US-based Black families will plummet to $0 by 2053.

The First Boulevard collaboration is reportedly included in an action from the financial entity to deal with underrepresented communities across digital businesses, banking, and FinTech.

Visa further shared its initiative to collaborate with Black-focused entities, nominally CapWay, eatOkra, First Boulevard, OneUnited Bank and Urban One “to provide financial and business services”, apart from making extensive knowledge of  digital payments and solutions available.