Visa will advise on digital currencies
Visa payment system has announced the launch of a consulting service that will help its clients to navigate in the world of cryptocurrencies. This crypto advisory practice will provide assistance to retailers, financial institutions and other firms who want to work with digital currencies and non-fungible tokens (NFT), and also to develop wallets for central bank digital currencies (CBDC).
According to Visa, many banks are interested in cryptocurrencies in order to remain competitive. A recent survey conducted by the company showed that 40% of respondents are going to switch their banks to one that offers crypto services. Some American firms have already started using the new Visa service, a large financial holding company UMB is among them.
Visa believes that the consulting service will help to adopt bitcoin and other digital currencies. The company considers cryptocurrencies as a way to expand into areas beyond card payments.
Visa’s European crypto lead Nikola Plecas noted that digital assets can provide the company with a great opportunity for vertical growth, so the payment system will continue to develop this business line. In late March, the company conducted the first USDC stablecoin transaction.
The company also has carried out the research aimed at studying people’s attitudes to cryptocurrency and its use. During the study, 6,000 people from different countries were interviewed. 94% of respondents are more or less familiar with cryptocurrencies, and a third of them have already been used them. Visa’s experts believe that in the coming years there may be a widespread introduction of cryptocurrencies.
According to Cuy Sheffield, Visa’s head of cryptocurrency, in 2021 the number of employees of the company working with digital assets has increased to several hundred. He also noted that people are interested in cryptocurrencies and NFT, so investments in this area has a potential. During the year, the payment system processed $3.5 billion in digital currency transactions.
In early spring, Visa began to develop its own system for the purchase of cryptocurrencies. The launch is scheduled for the end of the year. The company also has been developing a blockchain network for converting cryptoassets.