As part of efforts to expand the knowledge base of its clients and partners in their cryptocurrency journey, payment giant Visa has introduced a global crypto advisory practice as part of the consulting & analytics department.
In a statement, Visa said that the percentage of crypto awareness among financial decision-makers has skyrocketed to 94% globally, necessitating a paradigm shift when helping clients build a strategy and product roadmap in this sector.
Visa noted that the first step to getting involved in the crypto space is comprehending what this industry offers.
“For financial institutions eager to attract or retain customers with a crypto offering, retailers looking to delve into NFTs, or central banks exploring digital currencies, understanding the crypto ecosystem is a vital first step.”
At least 60 crypto platforms have been established connections with Visa, enabling the creation of a global network of product experts and consultants, as the demand for advisory services is getting higher. Their mandate entails helping financial institutions harness cryptocurrency opportunities and pilot new user innovations and experiences like CBDC-integrated consumer wallets and crypto reward programs.
Claudio Di Nella, the head of Visa consulting & analytics, Europe, welcomed this move and said:
“We’ve seen a material shift in our clients’ mindset in the last year, from a desire to explore and experiment with crypto, to actually building a strategy and product roadmap.”
Cryptocurrencies reflect a technological shift of money movement and digital ownership; every financial institution is urgently to develop their own crypto strategy in response to the new trend, according to Antony Cahill, deputy CEO, Visa, Europe.
Visa has been making significant steps in the crypto space. For instance, the payment service provider recently announced its plans to deploy a universal payment channel (UPC) that would enable different digital currencies such as CBDCs and private stablecoins to be interoperable with each other to make payments.
Moreover, in September, Visa started integrating cryptocurrency services into Brazil’s traditional banking systems.
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