Visa Deepens Crypto Foray, Launches Advisory Practice

The payments processor giant, Visa, seems to be increasing its involvement in the field of cryptocurrencies. The company now plans to launch an advisory practice in hopes of helping its clients to properly understand the world of crypto.

• CryptoPotato recently reported that Visa announced a Layer-2 payments channel for stablecoins and central bank digital currencies.
• Not so long ago, the company also said that it plans to launch a program for non-fungible tokens (NFTs) that’s focused on helping creators.
• Now, the latest reports indicate that Visa attempts to further its foray into the industry by launching an advisor practice to help clients properly understand the intricacies of cryptocurrencies.
• Per CNBC, the advisory arm already has a client in the face of the American bank UMB.
• The payments processor handled over $3.5 billion in digital currency transactions using its crypto-linked card networks and in the words of Nikola Plecas, Visa’s crypto lead for Europe:

Some of these leading exchanges have millions or, in some instances, tens of millions of users.

• He also said that the company already allows its users to spend cryptocurrencies throughout its network of more than 80 million merchants globally.
• In addition, Plecas added that cryptocurrencies also represent an opportunity for Visa because some of its clients, mostly in the face of tech giants such as Amazon, said that they would stop accepting their cards in the UK because of the high fees.

Crypto for us is a huge new vertical and growth opportunity. And we will be continuing to focus on growing this business moving forward. – Plecas added.

Featured image courtesy of Bankrate