Payment giant Visa has announced the creation of a new advisory division to assist clients to navigate cryptocurrencies.
The structure, which will become part of the consulting and analytics department, will give advice to financial institutions, retailers, and other firms on everything from the deployment of cryptocurrency functions to the study of non-fungible tokens (NFT).
According to the head of the company's cryptocurrency business in Europe, Nikola Plekas, the decision was the next step in moving into the field of digital assets. Since October 2020, the payment network has processed $ 3.5 billion in cryptocurrency-related transactions, he noted.
“Some of the leading exchanges in the industry have millions, and in some cases tens of millions of users,” Plekas added.
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The firm also develops products targeting stablecoins and central bank digital currencies.
Visa expects its cryptocurrency consulting services to help the massive adoption of Bitcoin and other digital assets as the company seeks to expand beyond the card payments business.
“Cryptocurrencies are a huge new topic for us and an opportunity for growth. And we will continue to focus on the development of this business, moving forward,” Plekas emphasized.
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The organization has partnered with marketing firm LRW to conduct a study that found that 94% of people around the world have some level of awareness of cryptocurrencies. Almost a third used them as investments or means of payment.