Cooperative bank San Jose will launch a new crypto currency platform to help cryptocurrency payments in the city.
The new platform, called Coinify, will offer crypto currencies that are accepted by the cooperative’s credit cards, which are used to make payments at participating businesses, according to the cooperative bank’s executive director, Jody Smith.
Coinify will allow cryptocurrency payments to be made in fiat currency, but it will be more flexible, with a lower transaction fee and less fees to banks, he said.
Coinify will not allow credit card payments, and it will only accept cryptocurrencies from merchants that have an existing credit card network.
Smith said Coinify’s design will be the first of its kind in the Bay Area.
The cooperative’s cooperative bank will work with a number of banks and credit unions, including Credit Suisse, Bank of America, Barclays, Capital One and Wells Fargo.
Coinifies payment system will be available for bitcoin and altcoins, Smith said.
San Jose has long been known for its tech and innovation, with tech companies like the Silicon Valley Community Foundation (SVCF) providing programming for startups and the city’s tech and tech incubator, Tech Valley Startup Bay, hosting tech events.
But the city also has a growing tech scene.
There are now more than 200 startups operating in the San Jose area, Smith noted.