Visa launches new crypto consulting service for financial institutions

Visa launches crypto advisory service for financial institutions, merchants
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Visa announced consulting and advisory services to support its clients steer the cryptocurrency world, reported Reuters.

The company issued a statement Wednesday saying that its crypto advisory method, housed within its consulting and analytics section, will offer guidance to financial institutions, shopkeepers and other enterprises on everything from rolling out crypto features and researching nonfungible tokens to designing wallets for central bank digital currencies.

Visa added that “40% of crypto owners surveyed report they would be likely or very likely to switch their primary bank to one that offers crypto-related products in the next 12 months.”

Visa Crypto initiative

American financial services corporation UMB is a client of Visa’s crypto advisory services.

Visa launches crypto advisory service for financial institutions, merchants

“We came to Visa to learn more about crypto and stablecoins and the use cases that are most relevant for our retail and commercial business lines,” said Uma Wilson, executive vice president of UMB Bank.

Visa’s latest attempt is to push deeper into the cryptocurrency market, with the firm having filed for multiple blockchain-related patents in the past. Visa’s research team is also working on a “Universal Payment Channel” scheme, which is a blockchain interoperability epicentre merging multiple blockchain networks and permitting digital acquisitions to move from varied protocols and wallets.

Crypto future predicted

Visa is one of the many payments processors that has entered the cryptocurrency industry in recent years. Its rival, Mastercard, recently rolled out crypto-linked payment cards throughout the Asia-Pacific territory, while online payments giants PayPal established a new consumer app for crypto, savings and direct deposits.

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