VISA has announced the creation of a special consulting division and the launch of crypto advisory services to help its clients navigate the world of cryptocurrencies. As reported by CNBC , the payments giant hopes this move will help drive the widespread adoption of bitcoin and other digital assets.
VISA crypto advice
The structure, which will be part of the consulting and analysis division, will offer advice to financial institutions, retailers and other companies on everything from the deployment of cryptographic functions to the exploration of non-fungible tokens (NFTs). The company is also developing products targeting stablecoins and central bank digital currencies (MDBC).
According to VISA Europe’s head of crypto Nikola Plecas, the move marks VISA’s next step to delve deeper into the digital asset industry. Since October 2020, the payments company processed 3.5 billion dollars (3,101 million euros) in transactions in digital currency, said Nikola Plecas. “Some of the largest trading platforms have millions or, in some cases, tens of millions of users,” added Plecas.
VISA hopes its crypto consultancy can help promote the widespread adoption of bitcoin and other digital assets, as the company intends to expand into areas beyond card payments.
“For us, cryptocurrencies are a new topic and a huge growth opportunity. And we will continue to focus on growing this business, moving forward, ”said Plecas.
Study on the knowledge of cryptocurrencies
VISA, in association with the marketing services company LRW, has carried out a study that showed that 94% of people around the world now have some level of knowledge of cryptocurrencies. Almost a third have used them as an investment or means of payment. The VISA study also found that nearly 40% of participants who own cryptocurrencies expressed their willingness to switch their banks to others offering crypto products in the next 12 months.
VISA currently uses its network to buy, sell and store digital currency. The company also offers a credit card that allows users to earn BTC for purchases, as well as use USD Coin, a stablecoin cryptocurrency with a value pegged directly to the US dollar, to settle transactions on its payment network.
It should be remembered that a recent survey has shown that one in ten residents of the United States is willing to give away the cryptocurrency for the New Year and one in four, to buy it in 2022.
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