TL;DR Breakdown:
- Visa is now advising companies and financial institutions on cryptocurrency offerings.
- UMB Bank is reportedly the first client to use the company’s crypto consulting and advisory service.
- The new service further cements Visa’s involvement in the crypto sector.
Global payment network Visa announced Wednesday it’s launching a consulting and advisory service to help financial institutions and retailers navigate through cryptocurrency. The development today further strengthened the company’s move into the digital currency space and would drive more crypto services and mainstream adoption.
Crypto consultancy
At the moment, the payment company already works with over 60 crypto-related companies, according to the press statement. Through its expertise, Visa will assist financial institutions, retailers, and central banks to roll out cryptocurrency offerings, including non-fungible token (NFT) projects and central bank digital currency (CBDC).
The crypto consultancy was launched as an offering under “Visa Consulting & Analytics (VCA)” and already has American bank UMB as the first client, which is already exploring the roadmap of a strategy for a new digital currency-related offering.
“We came to Visa to learn more about digital currency and the use cases that are most relevant for various business lines as we serve our customers in the years ahead,” says UMB Bank’s executive vice president, Uma Wilson.
Visa is digging deeper into cryptocurrency
Since 2021, the payment company has been making strategic efforts to expand into cryptocurrency as the dominant on and off-ramp medium for crypto to fiat conversion. Besides partnering with major exchanges like Coinbase and FTX for card programs, the company has been increasing its team of cryptocurrency experts to further drive its digital currency business.
As recently as November 12, Cryptopolitan reported that the company was looking to hire a director for its “Crypto Ecosystem Readiness Lead,” who will focus on creating and growing new revenue streams and expanding strategies for accelerating the company’s crypto card acceptance.
