Visa amps up its crypto services, as ‘every bank should have a crypto strategy’

Realizing the growing demand for cryptocurrencies and various crypto products, Visa is now moving forward with a global crypto advisory practice to help clients.

Reportedly, Head of Crypto at Visa, Cuy Sheffield stated,

“We think it’s a critical role for Visa to play to help be this bridge between banks and the crypto ecosystem. Every bank should have a crypto strategy.”

As per the payment processor, the crypto advisory practice will work alongside its consulting and analytics group to advise banks on their crypto strategy and execution. It will also provide assistance to banks in building dedicated crypto teams. One of the banking clients already using Visa’s crypto advisory services was UMB Bank, as noted by the company.

Visa to the rescue

Notably, though Visa is not new to the crypto game, it does have some catching up to do when it comes to the speed at which the space is growing. Well, the company knows this, as it processed nearly $3.5 billion in digital currency transactions from 1 Oct 2020 to 30 September 2021.

Nikola Plecas, Visa’s European crypto lead noted,

“Some of these leading exchanges have millions or, in some instances, tens of millions of users.”

Plecas also added that Visa currently allowed crypto users to spend their digital assets at over 80 million merchants. Now, Visa is also developing products centered around stablecoins. Furthermore, when in competition with Mastercard, Visa may have to push harder as the former noted substantial growth and developments in the sector, beyond card payments.

As per a study released by Visa, 94% of people now have some level of awareness of crypto. Meanwhile, nearly one-third have used it as an investment or medium of exchange. Moreover, with the awareness and interest, rising crypto adoption is only going to see an uptick and as per Plecas,

“Crypto for us is a huge new vertical and growth opportunity. And, we will be continuing to focus on growing this business, moving forward.”