Galileo Launches Cryptocurrency API

Galileo, an innovative payments processors and program manager based in Salt Lake City, Utah, has launched its Galileo Cryptocurrency API, which will bridge the gap between cryptocurrencies and mainstream payments.


Cryptocurrencies hold value exceeding $175 billion, with the majority being in Bitcoin and followed by the fast-growing Ethereum. There are over 1,000 cryptocurrencies and several initial coin offerings are launched every day. Businesses within the financial services industry are called to establish a strategy to address the emerging cryptocurrency requirements.


The company that focuses on prepaid, debit, credit and virtual transaction processing, ensures its 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.


Clay Wilkes, Founder and CEO of Galileo Processing
Clay Wilkes, Founder and CEO of Galileo Processing

Clay Wilkes, founder and CEO of Galileo Processing, commented: “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. 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.”


Wilkes is an industry veteran who is skilled in Payments, FinTech, Fraud, and Artificial Intelligence. He has authored patents for VOIP.


Blockchain technology is changing the way people think about money. By enabling transactions and facilitating instant conversions; Galileo is leading the charge in streamlining cryptocurrency integration and merchant acceptance.


Most cryptocurrency solutions in the marketplace rely on card programs and pre-selecting a currency and denomination. Galileo’s cryptocurrency API, on the other hand, enables issuers and fintech firms 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 cryptocurrency API developed by Galileo allows issuers and fintech firms 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.


Galileo’s offering includes a suite of open APIs and secure sandbox. The Galileo Cryptocurrency API provides 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.