Visa is doubling down on its bid to capture the crypto market. Credit card giant Visa is starting a cryptocurrency-focused advisory practice to meet growing demand from banks and merchants who want to adopt digital assets.
Visa introduces a new crypto advisory practice
The company’s move to launch a dedicated cryptocurrency consulting shows that it’s trying to capture crypto market share by providing real expertise.
According to TechCrunch’s report, Sheffield told that Visa’s partnership with crypto platforms has doubled in the past year and a half. People have spent over $3.5 million dollars using Visa’s crypto-linked credit card programs.
Visa’s latest research on consumer attitudes toward cryptocurrency shows that 40% of its 6,000+ respondents would be likely to switch to a bank that offers cryptocurrency products.
“We see Visa well-positioned as a global neutral brand, with deep expertise in crypto, that can help to abstract away some of the complexity of these new technologies and help banks bring it into their core products,” Sheffield stated.
Last month, Visa has teamed up with artist Micah Johnson, the former second baseman and outfielder for the White Sox, Dodgers, Braves, and Rays, to create a program that will help artists develop non-fungible tokens.
Visa is hoping to get a piece of the action in this burgeoning market by helping banks develop coin-based digital currency (CBDC) related products, according to Sheffield.
“We’ve been spending a lot of time on research on what infrastructure CBDCs would use for consumer experiences, and how consumers would interact with them,” Sheffield said, “We are taking that expertise and the engagements that we’re having with central banks and helping banks start to think about their role in preparing, as we think there’ll be a number of countries that end up going down this route,” he added.
