On Wednesday, financial services company Visa announced the launch of a consulting and advisory service for its clients who are either into cryptocurrencies or are looking to get into that world. According to the titan payment processor, the new crypto advisory practice will be under its already existing consulting and analytics division and will provide financial institutions, retailers and enthusiasts with all the advice and support they need on cryptocurrencies and Non-Fungible Tokens (NFTs).
It’s no longer news that cryptocurrencies, and more recently Non-Fungible Tokens (NFTs), have taken over and everyone, from individuals to corporate entities, is digging into it trying to leverage all available opportunities that lie within the cryptoverse.
For a company like Visa which is already involved in financial services, adding cryptocurrencies to its portfolio will be bringing the future closer because cryptocurrencies have taken over. The move to offer crypto advisory services, therefore, is Visa’s attempt to venture into the huge crypto world. According to Visa’s European crypto lead Nikola Plecas, between October 1st and September 30th, Visa processed crypto transactions worth $3.5 billion, and there is still a huge potential for growth as the adoption of cryptocurrencies continue to widen. According to him, “Some of these leading exchanges have millions or, in some instances, tens of millions of users”. He also emphasized that Visa allows users to spend their crypto assets at over 80 million merchants.
Visa is currently developing products focused on virtual tokens tied to the value of sovereign currencies called stablecoins. With the recently-launched crypto consultancy services, Visa wants to contribute its quota to pushing for widespread adoption of cryptocurrencies.
Visa already understands the potentials delving into cryptocurrency services has for the company’s future. According to a study it released on Wednesday, 94 percent of people know what cryptocurrencies are, with almost one-third of the people that participated already using it as a means of exchange or investment. American bank UMB has been named by Visa as a client that’s already using its crypto advisory services.