Visa opens Bitcoin advisory service for banks

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Visa is launching a Bitcoin and cryptocurrency advisory and advisory service for its institutional clients, according to several reports on Wednesday. The payments giant will advise banks, fintech companies, and retailers looking to implement Bitcoin services.

“Visa hopes its crypto consultancy can help continue the widespread adoption of bitcoin,” says one CNBC report. “Like its rival Mastercard, the credit card giant sees cryptocurrency as a key growth opportunity as it extends beyond card payments.”

Its consulting practice would be housed within its consulting and analysis division. Visa’s European Cryptocurrency Officer Nikola Plecas said CNBC that the company sees Bitcoin and cryptocurrency as a “huge new vertical and growth opportunity,” adding that Visa “will continue to focus on growing this business going forward.”

Visa also released a research paper on Wednesday exploring consumer attitudes towards and use of BTC. The study, conducted in partnership with marketing services firm LRW, surveyed more than 6,000 people around the world and found that 94% of them are knowledgeable about cryptocurrency. In contrast, about a third used it.

The study also found that 18% of those surveyed would be likely or very likely to change their primary bank over the next year to one offering bitcoin-related services. In emerging markets, that number rose to 24%, while 40% of those who already own bitcoin or cryptocurrency said they would take a similar move.

Visa’s cryptocurrency chief Cuy Sheffield said Yahoo finance that the payments company believes there is “strong consumer demand” for Bitcoin and cryptocurrency. Every financial institution should have a dedicated space strategy, he said. Sheffield explained that this was the main reason they put together the advisory services team.

It is not known what specific paths Visa would advise its customers regarding Bitcoin services and products.


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