Visa launches a cryptocurrency advisory service
According to Reuters, Visa is developing a cryptocurrency advising center for businesses, central banks, and commercial banks. This service is intended for banks who want to grow or keep clients by supplying cryptocurrencies. Central banks contemplating partnering with digital currencies, as well as retailers looking to expand their use of NFT, may be interested.
According to the company’s recent poll, roughly 40% of cryptocurrency owners questioned want to change banks to one that offers cryptocurrency-related services within a year.
Visa said that UMB, a U.S. bank, is already implementing its cryptocurrency advice services. Nicola Plecas, director of Visa’s European cryptocurrency division, stated that the firm handled $3.5 billion in cryptocurrency transactions between October 1, 2020, and September 30, 2021. The business is also working on stablecoins as well as digital currencies issued by central banks. Visa believes that its cryptocurrency advice will help raise awareness about digital currencies. Visa, like rival Mastercard, views cryptocurrency as a critical prospect for growth.
As a result, Visa will provide cryptocurrency-focused educational services, as well as allow clients to employ the Visa payment system in their digital services. Customers can also seek assistance with handling internal transactions.
Moreover, Visa is to debut services this year that will let clients purchase, trade, and store digital currency through its financial partners. At the same time, Visa Chief Financial Officer Vasant Prabhu told Reuters that to utilize bitcoin as a payment method, its rates must be more stable.
He went on to say that it would be extremely difficult for a merchant to accept crypto as payment if the price moved dramatically in a matter of hours. That is why Vasant Prabhu is unsure whether cryptocurrencies would ever be accepted as a means of payment. However, he emphasized that digital currencies linked to actual assets are conceivable.
In conclusion, the new service will be part of Visa’s consulting and analytics division, and it will advise financial institutions, retailers, and other businesses on cryptocurrency markets, including their potential use to ensure transactions and execute NFT research. According to a poll performed by Visa and marketing agency LRW, 94 % are aware of cryptocurrencies, and nearly a third have used them as an investment or mean of trade. The poll included 6,000 respondents from all across the world.
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