Visa Announces New Cryptocurrency Advisory Service For Merchants And Banks

The payment giant Visa is introducing new advisory and advisory services to help its customers navigate the world of cryptocurrencies.TO

The company said on Wednesday that his advisory department for cryptocurrencies, which is housed in his advisory and analysis department, will advise financial institutions, retailers and other companies on all aspectsfrom providing crypto functions and researching non-fungible tokens to developing wallets for central bank digital currencies.

According to the visa, Part of banks’ interest in cryptocurrencies is to stay competitive. Citing a recent internal study, Visa said that “40% of surveyed cryptocurrency owners say that they would probably or very likely switch their primary bank to a bank that offers cryptocurrency-related products in the next 12 months“.

Visa Announces New Cryptocurrency Advisory Service For Merchants And Banks
Visa Announces New Cryptocurrency Advisory Service For Merchants And Banks

According to Reuters, US financial services company UMB is a customer of Visa’s cryptocurrency advisory services.TO

We reached out to Visa to learn more about cryptocurrencies and stablecoins and the use cases most relevant to our retail and commercial divisions“said Uma Wilson, executive vice president of UMB Bank.

The move marks Visa’s latest attempt at delving into the cryptocurrency industry since the company has filed numerous blockchain-related patents in the past. The research team at Visa is also working on a “Universal Payment Channel” project, a blockchain interoperability center that connects multiple blockchain networks and enables digital assets to switch between different protocols and wallets..

Visa is one of many payment processors that have entered the cryptocurrency business in the past few years. His rival, Mastercard recently launched cryptocurrency-linked payment cards across the Asia-Pacific regionwhile the online payment giant PayPal launched a new consumer app for cryptocurrencies, savings and direct deposits earlier this year..

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