Payments giant Visa is launching new consulting and advisory services to assist its customers in navigating the world of cryptocurrencies
A New Crypto Consulting and Advisory Services Introduced by Visa
Visa is launching new advising and advisory services to assist its customers in navigating the world of cryptocurrencies.
On Dec. 8, the company said that its crypto advice, which is part of its advising and analysis department, is assisting financial institutions, retailers, and other businesses with anything from adopting crypto features to identifying unsuitable coins to establishing a single Wallet for a. It is recommended to use a central bank for digital currencies.
Some banks’ interest in cryptocurrencies, according to the payment processor, is still at competitive levels. “40 percent of crypto holders questioned said that they are likely or very likely to switch their main bank to one that offers crypto-related goods,” citing a recent internal study.
According to Reuters, the crypto advising services are used by UMB, a US financial services firm.
“We came to Visa to learn more about cryptocurrencies and stablecoins, as well as the most relevant use cases for our retail and commerce businesses,” UMB Bank executive vice president Uma Wilson said.
Visa is expanding its presence in the cryptocurrency market
Visa’s recent attempt to go deeper into the crypto market follows the filing of many blockchain-related patents by the company in the past.
The team is also working on the Common Payments Channel project, which is a blockchain interaction hub that connects several blockchain networks and allows digital assets to be transferred between protocols and wallets.
Payment Processors in the Crypto Market
Visa is one of many payment processors that have entered the cryptocurrency market in recent years.
In the Asia-Pacific region, competitor Mastercard just debuted a crypto-linked payment card, while online payments giant PayPal unveiled a new consumer app for crypto, savings, and direct transfers earlier this year.