Multinational financial services giant Visa is moving deeper into the burgeoning crypto market, launching crypto consulting services to help clients understand various segments of the crypto industry.
In an announcement, the payments network acknowledged that “digital currencies are gaining a foothold in popular consciousness,” creating the need for reliable advisory services that can help those who want to embrace crypto first. understand the ecosystem.
The company also said it aims to provide advisory services to non-fungible tokens (NFTs) and to central banks exploring digital currencies, as well as assisting clients with managing backend operations.
Per Uma Wilson, Executive Vice President of UMB Bank, a US regional lender that uses Visa advisory services,
“We came to Visa to learn more about digital currency and the most relevant use cases for various industries as we serve our customers for years to come. ”
The move comes at a time when global crypto adoption is at record highs and investor demand for crypto is overwhelming, according to a recent study from Visa.
The survey, conducted among 6,000 financial decision makers in eight markets, including the United States and the United Kingdom, found that crypto awareness is “nearly 94% universal.”
“Crypto is moving from a niche asset class for a small community of investors to a larger market that is increasingly accessible to large and new adopters,” the report says.
Additionally, the survey found that nearly 33% of adults familiar with the industry already own or use digital assets, with key motivations such as building wealth and trusting crypto as the future of money. .
Among current crypto owners, over 80% said they were interested in crypto-related cards that allow them to spend their crypto holdings at retailers, while 84% expressed interest in cards that offer redemption vouchers in the form of digital assets.
Notably, 18% of the participants said they were ready to ditch their current bank for a bank offering crypto-related products. This percentage was even higher in emerging markets, where 24% made such a statement.
“Crypto represents a technological shift for the money movement and digital property,” said Terry Angelos, global head of Visa’s Data & Commerce Solutions team. “As consumers change their approach to investing, where they bank, and how they view the future of money, every financial institution will need a crypto strategy. “
In July, Visa reported that users processed more than $ 1 billion in transactions using the company’s crypto cards in the first six months of the year.
Meanwhile, Visa’s main competitor MasterCard has also aggressively expanded its crypto offerings. Just recently, the company revealed its intention to launch crypto cards in Asia Pacific. At the end of October, Mastercard also signed an agreement with the crypto platform Bakkt to enable its vast network of banks and merchants to integrate digital assets into their operations.
– Visa tests regulatory waters before “forcing” its CBDC solution
– Cryptoverse Reacts: Visa could become “front-end for Ethereum”, NFT sales explode
– Visa Crypto card users spent over $ 1 billion globally this year
– PayPal, Visa and other investors double their crypto investments
– Mastercard and Bakkt join forces to integrate Bitcoin into the global payments network
– Mastercard doubles its crypto strategy with a new acquisition