Visa is making multiple bets to become a crypto-friendly corporation. It is now launching an advisory practice to help its clients navigate the world of cryptocurrencies and their technologies.
Visa is a pioneer in payments and is now taking strides in the crypto space. Visa has processed $3.5 billion in digital currency transactions through its crypto-linked card schemes just in a year from Oct. 1, 2020, to Sept. 30, 2021. In a recent survey conducted by Visa, 40% of crypto owners said they would be eager to switch from their current bank to one that offers crypto-related products in the next 12 months. 94% of people now have some awareness of crypto.
“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,” Carl Rutstein, global head of Visa Consulting and Analytics said in a statement.
Visa says understanding the crypto ecosystem is a vital first step for any financial institution to attract or retain customers. Visa and its rival Mastercard both look at crypto as an important growth opportunity as they expand beyond card payments.
Visa has also piloted new projects, such as crypto rewards programs and consumer wallets integrated with CBDCs. Now it offers expertise in crypto-related areas, evaluates opportunities, and develops concrete strategies. The payments company even bought a CryptoPunk NFT for 49.5 ETH in August, followed by the launch of an NFT-focused educational initiative in October.
“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,” said Terry Angelos, SVP and global head of fintech at Visa.