Payments titan Visa is launching a new crypto advisory branch to help clients and partners navigate the world of digital assets.
The move comes after Visa released research suggesting that digital currencies are becoming more mainstream, with 94% of adults globally having awareness of crypto.
In a press release, Carl Rutstein, Visa’s global head of consulting and analytics says,
“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.”
Key findings of Visa’s research indicate that not only are adults more aware of crypto, but many of them have also already invested in it. About 33% of crypto-aware adults own or use it, while 62% of that group say they’ve ramped up their cryptocurrency activities within the last year, according to research.
Furthermore, Visa says 18% of those surveyed globally say they’d switch their primary banking institution within the next year if they did not offer crypto products. The payments giant says that among customers who already own crypto, that figure jumps to 40%.
According to Visa, the company has the know-how to accommodate the growing awareness and adoption of the crypto space.
“Through their work with more than 60 crypto platforms, Visa’s global network of consultants and product experts have deep expertise to help financial institutions evaluate the crypto opportunity, develop concrete strategies, and pilot new user experiences and innovations like crypto rewards programs and CBDC-integrated consumer wallets.”
Terry Angelos, Visa’s senior vice president and head of fintech said,
“Crypto represents a technological shift for money movement and digital ownership. 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.”
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