Visa sets up crypto advisory arm in push for adoption

Visa is launching a new crypto advisory branch in an effort to help customers and partners navigate the world of digital assets.

Visa sets up crypto advisory arm in push for adoption

Visa is launching a new crypto advisory branch in an effort to help customers and partners navigate the world of digital assets.

In a recent Visa report, 94% of adults worldwide are aware of crypto, which suggests that digital currencies are becoming more mainstream.

Karl Rutstein, Visa's global head of consulting and analytics, said in a press release,

“We have observed a shift in our clients’ mindset in the last year, from exploring and experimenting with crypto assets to developing a product roadmap and strategy.”

Adults are more aware of cryptocurrency than ever before, and many have already invested in it as well, according to Visa's research.

According to research, 33% of crypto-aware adults own or use this technology, and 62% of those said they have ramped up their crypto activities within the last year.

According to Visa, 18% of those surveyed globally say they would switch their primary bank if they did not offer crypto products within the next year. This number rises to 40% among clients who already own crypto.

The payments giant states that it has the experience and know-how required to accommodate the growing awareness and adoption of the crypto space.

Visa's global network of financial services consultants and product experts have extensive experience working with more than 60 crypto platforms, so their expertise can help financial institutions evaluate the crypto opportunity, develop concrete strategies, and introduce new customer experiences and innovation, such as crypto rewards programs and CBDC-integrated consumer wallets."

Vice president of Visa's fintech division, Terry Angelos, said,

"The digital currency and ownership of data are changing due to cryptography. Consumers are changing their investing methods, where they bank, and how they view money in the future, so every financial institution needs a crypto strategy."