Visa introduces new crypto advisory service for merchants and banks

Massive Payment Visa Launches Innovative New Service to Help Consumers Explore the World of Crypto.

The company announced on Wednesday that its cryptocurrency trading conference is part of its consultation and review and will provide information to financial companies, retailers and investors from other companies, including the release of crypto features and looking for non-fungible tokens (NFT). as well as the central bank's digital currency development portfolios.

Part of the challenge, according to Visa, is banks' interest in cryptocurrencies. According to a recent internal Visa survey, “40% of crypto insurers were asked whether they had the capacity or the potential to convert their current large bank into a bank providing crypto-related products within the next 12 months. . "

U.S. financial services firm UMB is a client of Visa's cryptocurrency advisory service, according to Reuters.

“With Visa, we look forward to learning more about cryptocurrencies and securities and their applications that are relevant to our retail and business environment,” said Uma Wilson, vice president of UMB Bank. .

The move represents Visa's deepening understanding of the crypto industry and has provided a lot of information about blockchain patents in the past. The Visa research team is also working on "Universal Payment Channel", a blockchain interoperability that connects multiple blockchain networks to exchange crypto assets across different processes and wallets.

Visa is one of the many payment processors that have entered the cryptocurrency market in recent years. Competitor MasterCard recently announced cryptocurrency-linked debit cards in the Asia-Pacific region, and leading online payments giant PayPal announced a new consumer app for cryptocurrency, storage and deposit. direct before this year.