VISA Launched Crypto Consult Services After Surge In Client Interest

VISA launched crypto consult services as they noted a huge surge in client interest in a recent survey indicating that the users would join the platform sooner so let’s find out more in today’s crypto news.

Visa is diving deeper into the world of crypto assets as it unveiled its new consulting arm. VIsa launched crypto consult services in hopes that the new initiative will facilitate mass adoption of Bitcoin and other cryptocurrencies as well as help the clients navigate the pitfall of the growing sector. Carl Rutsein who is the head of Visa Consulting and analytics noted:

“We’ve seen a material shift in our clients’ mindset in the last year, from a desire to explore and experiment with crypto, to actually building a strategy and product roadmap.”

According to the company, understanding the crypto ecosystem is a huge step for the financial institutions that are keen on retaining customers with crypto offerings, for retailers looking to delve into NFTs or CBDCS. This is where the Visa crypto Advisory Practice comes in because it will offer expertise in crypto-related areas, will evaluate opportunities, and will develop the right strategies. Visa also added that its crypto-centric consultancy will help pilot new projects like crypto rewards programs and consumer wallets that are integrated with CBDCs.

The credit card giant announced the results of the new global survey which found that about one-third of the 6000 respondents already own or use crypto as an investment vehicle or a medium of exchange. About 40% of the owners said they will be eager to switch from their current bank to one that will offer crypto-related products in the next year as the SVP and global head of fintech visa Terry Angelos said:

“Crypto represents a technological shift for money movement and digital ownership. As consumers change their approach to investing, where they bank, and their views on the future of money, every financial institution will need a crypto strategy.”

The company teamed up with other companies in the industry including major exchanges Coinbase and FTX to allow its clients to pay with crypto at more than 70 million merchants across the world with over $1 billion spent using the crypto-linked card during the first half of 2021. Visa is also exploring NFTs and all of the opportunities that come along. The payments company bought CryptoPunks NFT for 49.5 ETH or $165,000 followed by the launch of the NFT-focused initiative in October. The latter was launched in partnership with NFT artist Micah Johnson with goals to help digital artists better understand what crypto is all about.