Visa is launching new consulting and advisory services in a move to help its clients navigate the world of cryptocurrencies.
The firm stated that 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 and exploring NFTs to developing wallets for central bank digital currencies.
According to Visa, part of banks’ interest in cryptocurrencies is in remaining competitive. Referring to a recent in-house study, Visa said that “40% of crypto owners surveyed report that they would be likely or very likely to switch their primary bank to one that offers crypto-related products in the next 12 months.
The move marks Visa’s newest attempt to push deeper into the cryptocurrency industry, with the firm having filed for numerous blockchain-related patents in the past. Visa’s research team is also working on a “Universal Payment Channel” project, which is a blockchain interoperability hub connecting multiple blockchain networks and allowing digital assets to move from various protocols and wallets.
