Visa announces new cryptocurrency consulting service for its clients

The payment giant company Visa is launching new consulting and advisory services in order to help its clients introduce the world of cryptocurrencies.

Visa announces new cryptocurrency consulting service for its clients

According to the official release, the firm stated that its crypto advisory practice will offer advice to financial institutions, retailers, and other firms on everything from rolling out crypto features and exploring nonfungible tokens, to developing wallets for central bank digital currencies.

According to the company, part of banks' interest in cryptocurrencies is in remaining competitive. Citing a recent in-house study, Visa reported 40% of crypto owners said in a survey 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.

American financial services company UMB is a client of Visa's crypto advisory services. "We came to Visa to learn more about crypto and stablecoins and the use cases that are most relevant for our retail and commercial business lines," said Uma Wilson, executive vice president at UMB Bank.

The latest move marks Visa's latest attempt to push deeper into the cryptocurrency industry, with the firm filed for numerous blockchain-related patents in the past. 

Currently, the payment company’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.

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