Visa is launching the Global Crypto Advisory Practice, a consulting service to help its partners navigate the cryptocurrency world.
Visa’s cryptocurrency advisory service
The launch of the Global Crypto Advisory Practice follows the latest surveys which reveal that cryptocurrency adoption and popular awareness is growing. As such, financial institutions in particular need to know how to navigate the world of crypto, blockchain, and NFTs if they are to keep up with the times and remain attractive to their clients.
This is exactly what Visa intends to do by offering its consultants and experts to help its partners explore opportunities and implement strategies that can include crypto in their businesses.
Visa’s survey
According to The Crypto Phenomenon: Consumer Attitudes & Usage survey, which involved more than 6,000 decision-makers in eight markets (Argentina, Australia, Brazil, Germany, Hong Kong, South Africa, the United Kingdom and the United States), a third of respondents have used cryptocurrencies for investment or payment, and 40% of crypto users are willing to change their bank to one that offers crypto services in the next 12 months.
This is also what prompted Visa to launch its consulting service.
Claudio Di Nella, Head, Visa Consulting & Analytics, Europe, said:
“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”.
Antony Cahill, Deputy CEO, Visa, Europe added:
“Crypto represents a technological shift for money movement and digital ownership,” said Antony Cahill, Deputy CEO, Visa, Europe. “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”.
Crypto credit cards could accelerate the adoption of cryptocurrencies
Cryptocurrencies as an investment
According to the survey, consumers are interested in cryptocurrencies more as an investment (as a store of value) than as a means of payment. But this trend could change with the introduction of crypto credit/debit cards. Another conclusion of the research is that credit and reward cards could become gateways to cryptocurrency adoption.
Another finding is that investors care about market stability before diving into cryptocurrencies.
Furthermore, the survey finds that curious consumers are ready for cryptocurrencies and would be willing to try them if they were offered by reputable financial institutions. That’s why Visa says something familiar is needed to encourage adoption.
Visa integrates with cryptocurrencies
In short, Visa seems willing not only to accept the change that is coming from cryptocurrencies but also to encourage their spread in the financial world.
They will have to be ready, because soon Bitcoin may have the potential to take over. That’s what Lightning Labs CEO Elizabeth Stark claims, according to which Bitcoin may surpass Visa in transaction processing power. But for this to happen, Lightning Network adoption will also have to increase.
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