Alterbank is a Brazilian cryptocurrency wallet that launched a new digital bank account that offers both traditional financial services and access to cryptocurrencies through a partnership with Visa.
Through the partnership with Visa, clients will have two bank accounts: one for cryptocurrency and also traditional savings account with a Visa card. Altercard Visa will allow clients to use cryptocurrency for online transactions, paying bills, music streaming, transportation apps, and more, all managed through Alterbank’s online app.
“Visa continues to make use of new, innovative technology together with fintechs in a secure and regulated manner. The partnership with Alterbank has created a solution to the current problems in the market,” comments Eduardo Abreu, Vice President of New Business Development at Visa Brazil.
To use the digital account, clients must make a deposit into their account, either through a traditional bank or by depositing bitcoin into the cryptocurrency account, which is then converted into Brazilian Reales.
“Currently, the program has facilitated the issuing of digital Visa accounts in more than 50 Brazilian companies, and we still have several more in the process of being implemented,” Abreu added.
The initiative is still in the beta stage but has plans to expand into a fully-functioning product.