Visa establishes crypto consultancy service for merchants, banks

Payments giant Visa announced on December 8 the launch of Global Crypto Advisory Practice to help its affiliated merchants and financial institutions learn the nuances of cryptocurrencies and its related technologies.

As per the announcement, the new service will enable banks to develop their business in the sector as demand for cryptocurrencies grows. Visa said the new service will offer guidance to banks on cryptocurrency strategies and practices, as well as help build a cryptocurrency specialist team.

“We’ve seen a material shift in our clients’ mindset in the last year, from a desire to explore and experiment with crypto, to actually building a strategy and product roadmap,” said Carl Rutstein, Global Head, Visa Consulting & Analytics.

In a recent visa survey, nearly 40% of the respondents who own crypto assets said they would likely switch their bank to the ones that offer crypto-related products. Terry Angelos, SVP, and global head of fintech at Visa said:

“Crypto represents a technological shift for money movement and digital ownership. As consumers change their approach to investing, where they bank, and their views on the future of money, every financial institution will need a crypto strategy.”