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As the demand for digital currencies grows, Visa has launched a crypto advisory service
The latest offering from the company is aimed at financial institutions looking to attract customers with a crypto offering, retailers interested in exploring NFTs, and central banks interested in digital currencies.
As the adoption of digital currencies accelerates, Visa Inc, the world's largest payment processor, has launched a global crypto advisory service for clients such as banks and merchants.
Visa's announcement on Wednesday comes against a backdrop of unprecedented investor demand for cryptocurrency services.
"We came to Visa to learn more about crypto and stablecoins, as well as the use cases that are most relevant for our retail and commercial business lines," Uma Wilson, executive vice president at UMB Bank, a regional US lender, explained.
The company's most recent offering is aimed at financial institutions looking to attract or retain customers with a crypto offering, retailers interested in non-fungible tokens (NFTs), and central banks interested in digital currencies.
Visa's services include educating institutions about cryptocurrencies, allowing clients to use the payment processor's network for digital offerings, and assisting with backend operations management.
According to a new global study conducted by Visa, nearly 40% of cryptocurrency owners polled would be likely or very likely to switch their primary bank to one that offers crypto-related products within the next 12 months.
Stability of prices
Visa currently uses its network to facilitate the purchase, sale, and custody of digital currency.
It also provides a credit card that allows users to earn bitcoin on purchases, as well as the ability to settle transactions on its payment network using USD Coin, a stablecoin cryptocurrency whose value is directly pegged to the US dollar.
However, price stability is required for cryptocurrencies such as bitcoin to be used as a medium of exchange, according to Visa's Chief Financial Officer Vasant Prabhu.
"It's very difficult for a merchant to accept bitcoin as a currency if the price fluctuates from $60,000 to $50,000 in a few hours," Prabhu said.
"I'm not sure cryptocurrencies like bitcoin will ever be used as a medium of exchange. Stablecoins are expected to, "He went on to say that Visa would facilitate such transactions when the time came.
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By Crypto PiratesThe latest offering from the company is aimed at financial institutions looking to attract customers with a crypto offering, retailers interested in exploring NFTs, and central banks interested in digital currencies.
As the adoption of digital currencies accelerates, Visa Inc, the world's largest payment processor, has launched a global crypto advisory service for clients such as banks and merchants.
Visa's announcement on Wednesday comes against a backdrop of unprecedented investor demand for cryptocurrency services.
"We came to Visa to learn more about crypto and stablecoins, as well as the use cases that are most relevant for our retail and commercial business lines," Uma Wilson, executive vice president at UMB Bank, a regional US lender, explained.
The company's most recent offering is aimed at financial institutions looking to attract or retain customers with a crypto offering, retailers interested in non-fungible tokens (NFTs), and central banks interested in digital currencies.
Visa's services include educating institutions about cryptocurrencies, allowing clients to use the payment processor's network for digital offerings, and assisting with backend operations management.
According to a new global study conducted by Visa, nearly 40% of cryptocurrency owners polled would be likely or very likely to switch their primary bank to one that offers crypto-related products within the next 12 months.
Stability of prices
Visa currently uses its network to facilitate the purchase, sale, and custody of digital currency.
It also provides a credit card that allows users to earn bitcoin on purchases, as well as the ability to settle transactions on its payment network using USD Coin, a stablecoin cryptocurrency whose value is directly pegged to the US dollar.
However, price stability is required for cryptocurrencies such as bitcoin to be used as a medium of exchange, according to Visa's Chief Financial Officer Vasant Prabhu.
"It's very difficult for a merchant to accept bitcoin as a currency if the price fluctuates from $60,000 to $50,000 in a few hours," Prabhu said.
"I'm not sure cryptocurrencies like bitcoin will ever be used as a medium of exchange. Stablecoins are expected to, "He went on to say that Visa would facilitate such transactions when the time came.
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