On Wednesday multinational payments giant Visa declared about launching new consulting and crypto advisory practice to help users understand on various segments of the crypto industry.

According to the financial services provider housed within its consulting and analytics division will the crypto advisory practice housed in. It focuses to provide advisory services with regard to non-fungible tokens (NFTs) to financial institutions, retailers, and central banks exploring digital currencies including assisting clients with the management of backend operations. This service will include everything from rolling out crypto features to exploring non-fungible tokens.

In an announcement, the payment network acknowledged that "digital currencies are taking greater hold in the popular consciousness," which creates the need for trustable advisory services that can help those eager to adopt crypto first understand the ecosystem.

Visa named American financial services company UMB as a client using its crypto advisory services. Executive vice president of UMB Bank, Uma Wilson, said “We came to Visa to learn more about crypto and stablecoins and the use cases that are most relevant for our retail and commercial business lines,”.

According to a recent in-house study, Visa said that “40% of crypto owners surveyed report they would be likely or very likely to switch their primary bank to one that offers crypto-related products in the next 12 months.”As per a recent study by Visa, investor demand for crypto is overwhelming and global crypto adoption is at record levels the move comes at that time.

Other of Visa’s rival payments processors towards the crypto industry.

Recently, Visa's top competitor Mastercard revealed it aims to introduce crypto-linked payment cards throughout Asia Pacific. Crypto platform Bakkt had a partnership with Mastercard in late October, to enable its vast network of banks and merchants integrate digital assets into their operations. Earlier this year, new consumer app for crypto, savings and direct deposits was introduced by online payments giants PayPal.

Indrani bose

CBW - External Analyst

INDIA