Visa Launches Crypto Advisory Services for Banks as Demand for Digital Assets Grows
“Every bank should have a crypto strategy,” Visa argues.
Payments giant Visa has formed a global crypto advisory practice to help financial institutions develop their cryptocurrency businesses as demand for crypto products continues to grow, the company said in a statement Wednesday.
“We think it’s a critical role for Visa to play to help be this bridge between banks and the crypto ecosystem,” Cuy Sheffield, Visa’s head of crypto, told CoinDesk. “Every bank should have a crypto strategy.”
Visa’s crypto advisory team will work alongside the company’s consulting and analytics group to advise banks on their crypto strategy and execution, as well as to help banks build crypto teams.
Sheffield says there’s been an inflection point over the last nine months in which banks have started to recognize their consumers want access to crypto. Meanwhile, they also want to figure out how they can better serve crypto businesses such as exchanges and wallets, according to Sheffield.
In a recent study conducted by Visa, 18% of global participants revealed they would be likely or very likely to switch their primary bank to one offering crypto-related products over the next year. In emerging markets, that figure rose to 24%. And for consumers who already own cryptocurrency, Visa’s study found that almost 40% of participants expressed a willingness to switch their banks to ones offering crypto products.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.