Visa sets up crypto consulting services to help clients with cryptocurrency adoption

Visa has set up a new consulting service that is centered on cryptocurrency. The company’s aim for launching this is to help its clients who are interested in crypto.

On Wednesday, Dec. 8, Visa said its crypto advisory service would be part of its consulting and analytics unit within the company. Clients, including retailers, financial institutions, and other companies, can get advice related to cryptocurrency here. Everything from setting up crypto features to non-fungible tokens, Visa’s new advisory group will provide assistance.

According to CNBC, Visa mentioned that some clients are already using its new crypto consulting service, such as the UMB Bank in the U.S. The launch of this new offering is the financial services company’s latest attempt to go deeper into the crypto business.

In fact, the Foster City, California, headquartered financial firm, already processed $3.5 billion worth of digital currency transactions from Oct. 1, 2020, to Sept. 30 of this year. As per Visa Europe’s head, Nikola Plecas, the company carried out the deals through its crypto-linked card program.

“Some of these leading exchanges have millions or, in some instances, tens of millions of users,” he told CNBC. “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 further shared that Visa allows clients to spend their digital currency at more than 80 million merchants. The financial firm is hoping that its new crypto consultancy will help establish the adoption of digital currencies and make them more recognized by the public. This is because Visa believes that crypto offers huge growth opportunities that can branch out to areas beyond card payments.

CoinTelegraph reported part of the reason why Visa is interested in cryptocurrencies is to remain competitive since a growing number of banks and establishments are jumping into the crypto bandwagon.

Moreover, Visa stated that in a study where 6,000 people worldwide were surveyed, 94% of them are already aware of what crypto is, although some of them may only know a bit. Thus, its new crypto advisory service will certainly be able to provide great assistance to interested parties with regard to digital currencies and other virtual assets.