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Visa launches crypto advisory services for banks

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The payment giant Visa has announced the creation of a new consulting unit that will help clients navigate cryptocurrencies. CNBC reported this.

Thus, the structure, which will become part of the consulting and analytics department, will offer advice to financial institutions, retailers and other firms on all issues. From the deployment of cryptocurrency functions to the study of non-fungible tokens (NFTs).

According to Nikola Plecas, the head of the company’s cryptocurrency business in Europe, the decision was the next step in moving into the field of digital assets. Since October 2020, the payment network has processed cryptocurrency-related transactions worth $3.5 billion, he noted.

The mass adoption of digital assets

“Some of these leading exchanges have millions or, in some instances, tens of millions of users,” Plecas added. The firm also develops products focused on stablecoins and central bank digital currencies (CBDCs).

Visa expects that its consulting services on cryptocurrencies will help the mass adoption of Bitcoin (BTC) and other digital assets, as the company seeks to go beyond the business of card payments.

“Crypto for us is a huge new vertical and growth opportunity. And we will be continuing to focus on growing this business moving forward,” Plecas stressed.

Awareness about cryptocurrencies

In addition, the company, together with marketing firm LRW, conducted a study that showed that 94% of people around the world have some level of awareness about cryptocurrencies. Almost a third used them as an investment or a means of payment.

Earlier, Visa launched an initiative to popularize NFT. With participant artist Micah Johnson have agreed to launch an educational project that will help creators of digital art learn about the potential of NFTs. Therefore, former Major League Baseball player Micah Johnson switched to creativity after his career. Previously in February, lots from the Aku NFT collection created by him; with the image of an African-American boy dreaming of becoming an astronaut attracted $1.4 million in just seven minutes.

Furthermore, a community of thousands of his supporters lined up around Johnson. Moreover, they share his visionary views about the possibility of dreaming and going beyond the limits of restrictions. Also, they are convinced of the payment company.

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