A new Visa report has revealed that at least 40% of crypto owners could be changing their financial institutions to those who support crypto-related services.
Visa , one of the biggest payment gateways in the world, confirmed its interest in the crypto space yesterday with its crypto advisory services hub launch. The launch validates Visa’s intention to swerve into the crypto space following its users’ clamor for crypto-related services. The newly launched crypto advisory services will be accessible to users such as banks and top merchants.
Crypto Advisory by Visa
Cuy Sheffield, Visa’s crypto head, sees Visa as an intermediary between the crypto space and its enthusiasts. According to him, “We think it’s a critical role for Visa to play to help be this bridge between banks and the crypto ecosystem. Every bank should have a crypto strategy.”
The press statement reiterated Sheffield’s words by stating that Visa’s crypto advisory services are poised towards helping financial institutions around the world build, develop and manage their own crypto business amid the increasing demand for crypto.
In line with the launch, one of Visa’s top clients and the executive vice president at UMB Bank, Uma Wilson, said that his firm was learning about crypto and Stablecoins and the use cases of the digital industry generally for its retail and commercial businesses.
Quelling the fear of losing most of its esteemed customers who are willing to dabble into NFTs, DeFi, and trading crypto assets, Visa believes that by offering its client these crypto-related services, and integrating its payment gateways for crypto-related activities, it would be able to keep hold of this clients.
A new Visa report has revealed that at least 40% of crypto owners could be changing their financial institutions to those who support crypto-related services.
Will Bitcoin Become Accepted by Businesses?
Visa’s Chief Financial Officer Vasant Prabhu while speaking on when crypto assets like Bitcoin can be used as a means of payment, Prabhu said that BTC’s volatile nature has to be drastically reduced at first.
According to him, the market price of BTC could drop from as high as $60k to $50k within a few hours. This volatility could cause problems for merchants who want to receive the coin as a payment option. However, he believes that stablecoins will eventually become a medium of exchange for businesses.
The value of Bitcoin has dropped dramatically after reaching a new ATH of above $68k. Notably, the wider crypto market has also witnessed a drop in the value of some of the digital assets like ETH, ADA and others.
Currently, Visa allows its clients to buy, sell while also providing custodial services for crypto assets. It also gives users Bitcoin bonuses for its clients who make purchases via its credit card. Notably, it also supports the use of USD coin (USDC) as a means of settling transactions on its network.
Oluwapelumi is a believer in the transformative power Bitcoin and Blockchain industry holds. He is interested in sharing knowledge and ideas. When he is not writing, he is looking to meet new people and trying out new things.
Ecosystem
Research
News Network
About