Visa Launches Crypto Consulting Service for Banks, Retailers
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Visa Launches Crypto Advisory Services
The world’s largest card company Visa said on Wednesday that its crypto advisory practice will offer advice to financial institutions, retailers, and other institutional clients on everything from rolling out crypto features to exploring non-fungible tokens (NFTs) to developing wallets for central bank digital currencies (CBDCs).
On Wednesday, Visa released a report titled “The Crypto Phenomenon: Consumer Attitudes & Usage” surveyed among more than 6,000 financial decision-makers across Argentina, Australia, Brazil, Germany, Hong Kong, South Africa, the U.K., and the U.S.
Per the report, 40% of crypto owners surveyed said that they would be likely or very likely to switch their primary bank to one that offers crypto-related products in the next 12 months.
Claudio Di Nella, head of Visa Europe’s consulting & analytics, 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.”
Banks Need Crypto Strategy
Visa’s head of crypto, Cuy Sheffield, says there’s been an inflection point over the last nine months where banks have started to recognize their consumers want access to crypto. In the meantime, the payments company wants to figure out how they can better serve crypto businesses such as exchanges and wallets.
“We think it’s a critical role for Visa to play to help be this bridge between banks and the crypto ecosystem. Every bank should have a crypto strategy,” Sheffield said.
He once said, “Crypto is becoming cultural. It’s becoming cool,” adding that a “whole new class” of mainstream consumers are entering the crypto space because of non-fungible tokens (NFTs).