Demand for crypt assets has been on the rise, even among institutional investors. That has led many traditional financial institutions to come with their digital assets arm. After JPMorgan, Commonwealth Bank of Australia, and others, Visa has decided to extend cryptocurrency consultancy to banks. Officials from Visa believe that such initiatives will help managers and officials deal better with complications arising from cryptocurrencies. Since the subject of digital assets can still land banks into legal and regulatory troubles, many are afraid to step forward in that direction. At the same time, they are finding themselves bound to do so due to the rise in demand from customers. Visa believes that it can create a middle ground by giving banks the necessary advisory services and helping them grow their business.
Cryptocurrencies and financial institutions have long been posed as binaries. The growth of one has been seen as the decline of the other, or vice versa. However, that scenario has changed drastically in 2021. As we move into 2022, we can expect a further shift from financial intuitions. At the same time, the crypto community has also opened up to the idea of partnering with big banks. Many crypto purists would shudder at the thought of collaborating with big banks, but that seems to be necessary for the survival of the ecosystem. Experts are hopeful of Visa’s latest steps and expect that it would bring more growth to the crypto industry.
