Visa launches crypto consulting services

Visa is launching new consulting and advisory services to help its clients navigate the world of cryptocurrencies, Report informs referring to CNBC.

The payments processor said its crypto advisory practice, housed within its consulting and analytics division, will offer advice to financial institutions, retailers and other firms on everything from rolling out crypto features to exploring non-fungible tokens.

Visa named American bank UMB as a client that’s already using its crypto advisory services.

The move marks Visa’s latest attempt to push deeper into the crypto industry. From October 1, 2020 to September 30, 2021, the company processed $3.5 billion in digital currency transactions through its crypto-linked card schemes.

The company is also developing products geared toward stablecoins — virtual tokens tied to the value of sovereign currencies, typically the dollar — and central bank-issued digital currencies.

A study released by Visa Wednesday said 94% of people now have some level of awareness of crypto, while nearly one third have used it as an investment or medium of exchange. More than 6,000 people globally were surveyed for the research, which was conducted in partnership with marketing services firm LRW.