Monday, July 4

Visa to begin advising on bitcoin

Key facts:
  • Visa stated that it has seen an increase in interest for bitcoin from its customers during 2021.

  • He estimates that institutions, such as banks, should operate cryptocurrencies in order not to lose their customers.

On December 8, Visa announced that it will begin providing its clients and partners with advisory services on cryptocurrencies such as bitcoin. In the announcement, he also published an international investigation that collects data on consumer attitudes internationally, including Latin American countries such as Argentina.

Visa warns that the present cryptocurrency boom allows companies to gain an opportunity to enter the industry in a pioneering way. He argues that entering the ecosystem now gives the possibility of loyalty to users of digital assets as customers.

Because, formed a global network of consultants to help financial institutions that are Visa partners assess their opportunity in the cryptocurrency industry. This program seeks to develop concrete strategies and test innovations and user experiences.

The project was born after an investigation that reveals the growing adoption of bitcoin and other cryptocurrencies in different countries of the world. CriptoNoticias reported that this study by Visa estimates that the majority of consumers will use digital assets in daily life in less than ten years.

We have seen a shift in the mindset of our clients in the last year, from wanting to explore and experiment with cryptocurrencies to building a product strategy and roadmap.

Carl Rutstein, Global Director of Visa Consulting & Analytics.

Visa estimates that companies will lose customers if they do not integrate bitcoin

As well as believing it to be an opportunity, Visa also believes that companies that do not adopt digital currencies like bitcoin could lose their customers.

He gave banking entities as an example. “It is likely that almost 40% of cryptocurrency owners will switch their primary banks to one that offers products with these assets”, expresses.

The company explains that this risk exists because there are platforms in the market that can substitute the bank’s services. These organizations offer savings banks for fiat money and cryptocurrencies, currency trading, custody, loans, making payments, investment plans, among other functions.

Visa will advise financial institutions to enter the cryptocurrency industry. Source: Thirdman / pexels.com

Understanding the cryptocurrency ecosystem is the vital first step for financial institutions eager to attract or retain customers with a cryptocurrency offering, such as retailers looking to delve into NFTs or central banks exploring digital currencies.

Visa, a worldwide digital payments network.

This initiative responds to the set of actions that Visa has been doing in different fields of the cryptocurrency ecosystem. This year it began its development to operate stablecoins and central bank digital currencies (CBDC) and launched a program to promote non-fungible tokens (NFT).

Reference-www.criptonoticias.com

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