• Sat. May 21st, 2022

Visa Launches Crypto Advisory Forum To Boost Use Of Digital Currency

Visa, the global digital payment service provider, has just launched a Global Crypto Advisory to help customers and partners navigate their cryptocurrency journeys.

Financial institutions are increasingly accepting Bitcoin as a means of payment. According to a recent global study, around 40% of cryptocurrency owners change their primary bank to a bank offering crypto products.

Cuy Sheffield, head of crypto at Visa, the world’s largest payment processor, spoke about the launch of the global advisory service for banks and merchants.

Visa growth since the integration of crypto

According to Cuy Sheffield, the scale and scope of Visa’s crypto business has grown significantly. Visa currently has hundreds of people working on crypto in one form or another in many departments, up from a handful just a few years ago. In the past 18 months, they have quadrupled the number of contracts with crypto platforms, bringing the total to 60.

They also observed the evolution of customer attitudes towards cryptocurrency over the past few years, from skepticism and awareness to realizing that crypto will most certainly influence their current business. .

Visa wanted to better understand what people think and feel about cryptocurrency, so they conducted a global consumer opinion survey. The data revealed that the crypto is almost universally known. A significant proportion of those questioned (almost a third) had used it, either as a financial instrument or as a medium of exchange.

Visa bought CryptoPunk NFT for $ 150,000

According to Sheffield, Visa expects NFTs to play a key role in retail, social media, entertainment and commerce in the future. There has been a lot of interest from merchants, brands and content platforms interested in participating in the NFT commerce ecosystem.

The purchase of CryptoPunk helped the organization develop this foundational knowledge. This is because they have had intimate contact with the NFT environment. As a result, they are better equipped to help their partners understand the NFT ecosystem in order to begin considering methods to participate in the expansion of the crypto economy.

Over $ 3 billion in digital transactions in one year

To be more specific, the $ 3.5 billion figure reflects the total spending on Visa’s encrypted card systems. It represents a modest percentage of overall Visa card spending. When you consider that these initiatives did not exist in any meaningful way a year ago, it is clear that they are gaining ground.

Meanwhile, Visa said last week that its Visa Consulting and Analytics (VCA) arm has established a crypto consulting business for its clients and partners. He has also worked with over 60 of the world’s largest cryptocurrency companies. They include FTX, BlockFi, Crypto.com, Coinbase, and Binance. They aim to create card programs that make it easy for customers to convert and spend digital currencies around the world.

Visa’s goal is to bridge the gap between the crypto ecosystem and the global network of 80 million merchant sites and more than 15,000 financial institutions.

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