Visa, the world’s leading digital payment provider, announced the launch of its Global Crypto Advisory Practice, a service within Visa Consulting & Analytics (VCA) designed to help clients and partners advance their own crypto ventures.
The new move by Visa comes amid unrivalled demand from investors for crypto services which is aimed at financial institutions looking to attract or retain customers with a crypto offering, retailers interested in non-fungible tokens (NFTs), and central banks looking into digital currencies.
According to a new Visa global study, nearly 40 percent of cryptocurrency owners surveyed are likely or very likely to shift their primary bank to one that offers crypto-related services in the next 12 months. The study also revealed that the awareness of crypto among financial decision makers surveyed is near universal at 94 percent around the world.
Visa’s global network of consultants and product experts can help financial institutions assess the crypto opportunity, develop concrete strategies, and test new user experiences and innovations like crypto rewards programs and consumer wallets that are integrated with Central Bank Digital Currencies (CBDC).
Its network enables the purchase, selling, and custody of digital currency. It also offers a credit card that allows users to earn Bitcoin on purchases, as well as the ability to settle transactions on its payment network using USD Coin, a stablecoin cryptocurrency whose value is fixed directly to the US dollar.
The study also suggested that the issuance of crypto-linked cards presents an opportunity to start participating in crypto, as interest is high and that lack of awareness or familiarity with the cards may be a major reason for the low crypto-linked card adoption among those who use or own cryptocurrency.