According to an announcement made on 8 December 2021, the global payments processor Visa said that it is going to launch crypto advisory and consulting services for its clients. Through this, Visa aims to help its clients in navigating the world of cryptocurrency. It further explained that the advisory practice on crypto will be housed within the consulting and analytics division. Visa aims to offer advisory services to retailers, financial institutions, and other companies on all matters related to crypto, whether it is exploring NFTs or rolling out crypto features.
With this move, Visa has made efforts to strengthen its foothold in the crypto industry. The company is hoping that the crypto consulting and advisory service would help in the mainstream adoption of cryptocurrencies like Bitcoin. Visa considers cryptocurrencies to be a key element that could aid their growth, as it will allow them to expand into areas beyond the card payment system. Along with the announcement, Visa also released a study that said that almost 94% of the people have some idea about crypto, however, only one-third of this population has actually used it.
The payments processor is known to have processed almost $3.5 billion in digital currency transactions between October 1, 2020, to September 30, 2021. The transactions most took place through Visa’s crypto-linked card themes. The crypto lead of Visa’s European headquarters, Nikola Piecas, said that Visa allows millions of users to spend their cryptos at around 80 million merchants. It has been found that the company is also planning to develop products related to Stablecoins. The advantage of Stablecoins is that they are virtual currencies whose value is tied to the central bank-issued digital currencies.