NYSE-listed firm, Visa announced the launch of its Global Crypto Advisory Practice today, an offering within the company’s Consulting & Analytics (VCA) designed to support clients and partners advance their journey in the crypto market.
The latest research conducted by the financial services provider shows that awareness regarding crypto products among global financial decision-makers has climbed substantially in 2021. Visa outlined the growing use of digital currencies in the current financial sector.
The announcement from Visa came nearly 5 months after the company reported a sharp rise in crypto-linked spending through cards. According to an article published by CNBC, Visa’s crypto-linked card usage topped $1 billion during the first half of 2021.
“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,” said Uma Wilson, Executive Vice President, Chief Information and Product Officer at UMB Bank. “VCA helped us begin to explore a roadmap of a strategy, from product and partner selection to cross-functional considerations such as Technology, Finance, Risk and Compliance .”
Crypto Report
Visa’s recent crypto research highlighted some important developments in the market of digital currencies. According to the company, nearly 33% of respondents have directly engaged with the crypto market. Moreover, almost 40% of surveyed crypto owners mentioned that they would like to switch to a bank that offers crypto products in the next 12 months. The survey includes over 6,000 decision-makers across 8 key markets, including Argentina, Australia, Brazil, Germany, Hong Kong, South Africa, the US and the UK.
“Crypto represents a technological shift for money movement and digital ownership,” said Terry Angelos, SVP, and global Head of fintech, Visa. “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.”
