Galileo, one of the largest and most innovative payments processors and program managers in North America for prepaid, debit, credit and virtual transaction processing, today announced the launch of the Galileo Cryptocurrency API to bridge the gap between cryptocurrencies and mainstream payments. Galileo’s cryptocurrency solution enables customers to seamlessly deposit funds denominated in cryptocurrencies to their accounts, and spend those funds with the ease and immediacy they’re accustomed to when using payments cards or mobile applications.
Unlike other cryptocurrency solutions in the marketplace that rely on card programs and pre-selecting a currency and denomination, Galileo’s cryptocurrency API enables issuers and fintechs to offer the ability to transfer funds and make purchases in real time at the point of sale. All transactions are conducted in fiat currency and converted to cryptocurrency at settlement by Galileo.
The Galileo Cryptocurrency API allows issuers and fintechs to create and link accounts, view and manage balances and transactions in multiple currencies, check the exchange rate, manage a treasury or reserve management function and more. The cryptocurrency API complements Galileo’s suite of open APIs and secure sandbox by providing the tools and flexibility to develop cryptocurrency solutions to meet customers’ needs in the secure environment of the Galileo platform, while minimizing costs and risks.
“The cryptocurrency market has incredible speculative value and hype right now but it is still in a state of disequilibrium and cryptocurrencies are largely inaccessible and illiquid,” said Clay Wilkes, founder and CEO of Galileo Processing. “As part of our ongoing commitment to payments innovation, Galileo built our API to allow fintechs and issuers to develop their cryptocurrency strategies, integrate with mainstream payments and make cryptocurrencies readily usable.”