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Visa announces new crypto consulting service for merchants and banks

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Funds large Visa is launching new consulting and advisory companies in a transfer to assist its shoppers navigate the world of cryptocurrencies. 

The agency said on Wednesday that its crypto advisory follow, housed inside its consulting and analytics division, will supply recommendation to monetary establishments, retailers and different companies on every thing from rolling out crypto options and exploring nonfungible tokens to creating wallets for central financial institution digital currencies.

Based on Visa, a part of banks’ curiosity in cryptocurrencies is in remaining aggressive. Citing a latest in-house research, Visa mentioned that “40% of crypto homeowners surveyed report they’d be probably or very more likely to change their major financial institution to at least one that provides crypto-related merchandise within the subsequent 12 months.”

Per Reuters, American monetary companies firm UMB is a consumer of Visa’s crypto advisory companies. 

“We got here to Visa to be taught extra about crypto and stablecoins and the use circumstances which can be most related for our retail and industrial enterprise strains,” mentioned Uma Wilson, govt vp of UMB Financial institution.

Associated: Mastercard is preparing its infrastructure for the deployment of CBDCs

The transfer marks Visa’s newest try to push deeper into the cryptocurrency trade, with the agency having filed for numerous blockchain-related patents up to now. Visa’s analysis group can also be engaged on a “Universal Payment Channel” venture, which is a blockchain interoperability hub connecting a number of blockchain networks and permitting digital property to maneuver from varied protocols and wallets.

Visa is among the many funds processors that has entered the cryptocurrency enterprise lately. Its rival, Mastercard, just lately rolled out crypto-linked payment cards all through the Asia-Pacific area, whereas on-line funds giants PayPal launched a brand new consumer app for crypto, savings and direct deposits earlier this yr.