Visa just announced that it is launching a crypto advisory service that will cater to banks aiding their plans for cryptocurrencies, using its crypto experience as the sector increasingly goes mainstream. According to a news release, the service, which is run by the company’s consulting and analytics division, will help assess the crypto opportunity, develop concrete strategies, and pilot new user experiences and innovations like crypto rewards programs and CBDC-integrated consumer wallets.
The world’s largest payments provider has been pushing into the crypto industry for some time now. The payments processing giant processed more than $3 billion virtual currency transactions via its crypto-linked card schemes from October last year to September this year. The number of people working on cryptocurrency-related projects at the payments giant has jumped well into the hundreds just this year alone, according to Visa’s head of crypto, Cuy Sheffield.
A recent survey of 6000 customers found that 94% of them were aware of crypto and one out of three even claimed that they own or have used the digital assets. Meanwhile, 62% of them said their usage has increased in the last year. Moreover, 40% of those who own crypto said that within the next 12 months they are most likely to change their primary bank to one that issues crypto-related products.
Sheffield said that they think there’s deep consumer demand for the space and that every financial institution should have a crypto strategy, and that’s why they’re setting up this advisory services team.