- American Visa Inc. announced that it was launching a consulting service for cryptocurrencies.
- The service will become part of Visa’s consulting and analytical division and will work with financial institutions, retailers and other companies, advising them on the cryptocurrency markets, including their possible use to support transactions, as well as conducting research related to NFT.
- Visa hopes its new service will accelerate the spread and adoption of bitcoin and other cryptocurrency by companies.
American Visa Inc. announced that it was launching a consulting service for cryptocurrencies.
The service will become part of Visa’s consulting and analytical division and will work with financial institutions, retailers and other companies, advising them on the cryptocurrency markets, including their possible use to support transactions, as well as conducting research related to NFT.
Among the clients already using the service, Visa named the American bank UMB.
Visa hopes its new service will accelerate the spread and adoption of bitcoin and other cryptocurrencies by companies. Visa believes cryptocurrencies could be the main field for its further growth, especially as it expands into other areas of payments besides credit cards.
The company is already developing products that allow customers to use cryptocurrencies for payments. In March, Visa announced that it began making settlements for transactions in stablecoins (stablecoin is the common name for cryptocurrencies that are backed by local currencies and assets), in particular, in USD Coin, which is pegged to the US dollar.
Government Cryptocurrencies (CBDC)
In addition, in 2020, the company began working with digital currencies issued by central banks of different countries.
In the period from October 1, 2020 to September 30, 2021, Visa carried out transactions with digital currencies in the amount of about $ 3.5 billion, Nicola Plechas, a leading specialist in crypto and digital currencies in the European division of the company, told CNBC.
“Cryptocurrency for us is a huge new vertical and an opportunity for growth. And we will continue to focus on developing this business,” he added.
94% of people have some level of awareness of cryptocurrencies, almost a third of them have used cryptocurrencies as an investment or medium of exchange, according to a survey conducted by Visa and marketing company LRW. In total, 6 thousand people from different countries of the world took part in the survey.
