Visa is pushing things forward in the world of digital assets with a new cryptocurrency advisory arm.
The financial services giant hopes the new venture will facilitate the mass adoption of Bitcoin and other cryptocurrencies and help its clients navigate the fast-growing industry.
Carl Rutstein, global head of Advisory and Analytics at Visa, said, “Last year we saw a shift towards creating a strategy and product roadmap as our clients wanted to explore and experiment with cryptocurrencies.” made the statement. Understanding the crypto ecosystem is a “vital first step” for financial institutions looking to attract or retain customers with crypto offerings, retailers looking to explore non-tradable tokens (NFTs), or central banks exploring digital currencies (CBDCs), according to the company. .
This is where Visa’s Crypto Advisory App comes in, as the new arm eager to offer expertise in crypto-related fields, seize opportunities and develop concrete strategies.
Visa also said that its crypto-centric advisory will help pilot new projects such as crypto rewards programs and consumer wallets integrated with CBDCs.
The financial services giant also announced the results of a new global survey that found that nearly a third of over 6,000 respondents already own or use cryptocurrencies as an investment vehicle or a medium of exchange.
“Crypto represents a technological shift for money movement and digital property,” said Terry Angelos, Visa Senior Vice President and global head of fintech.
“As consumers change their approach to investing, where they bank and how they view the future of money, every financial institution will need a crypto strategy.”
Visa’s entry into crypto
This isn’t the first time Visa has made the crypto world headlines. The company has partnered with a number of companies with major exchanges in the industry to allow its customers to pay with cryptocurrencies at more than 70 million merchants worldwide.
On top of that, Visa is actively exploring NFTs and the opportunities they open. The payments company purchased a CryptoPunks NFT for 49.5 ETH in August, and then launched an NFT-focused education initiative in October.