Visa launches cryptocurrency consulting for retailers and banks

• Visa is now advising companies and financial institutions on cryptocurrency offerings.
• UMB Bank is reported to have become the first client to use the company’s cryptocurrency advisory and advisory services.
• The new service further strengthens Visa’s involvement in the crypto sector.

Global payment network Visa announced on Wednesday that it is launching a consulting and advisory service to help financial institutions and retailers navigate cryptocurrencies. Today’s development has further strengthened the company’s move into the digital currency space and will help increase the number of crypto services and widespread adoption.

Cryptocurrency Consulting

As of now, the payment company is already working with more than 60 cryptocurrency-related companies, according to a press statement. Through its experience, Visa will help financial institutions, retailers and central banks roll out cryptocurrency offerings, including non-fungible token (NFT) projects and central bank digital currency (CBDC).

Cryptocurrency advisory was launched as an offering under “Visa Consulting & Analytics (VCA)”and it already has U.S. bank UMB as its first client already exploring a strategy roadmap for a new digital currency offering.

“We came to Visa to learn more about digital currency and the use cases that are most relevant to different lines of business as we serve our clients in the years ahead,” said Uma Wilson, executive vice president of UMB Bank.

Visa Deepens Into Cryptocurrency

Since 2021, the payment company has been making a strategic effort to increase the use of cryptocurrencies as the dominant vehicle for the transition from crypto to fiat. In addition to partnering with major exchanges such as Coinbase and FTX for card programs, the company is growing its team of cryptocurrency experts to further grow its digital currency business.

As recently as Nov. 12, Cryptopolitan reported that the company is looking for a director for its “Crypto Ecosystem Readiness Head” who will focus on creating and growing new revenue streams and expanding strategies to accelerate the acceptance of the company’s cryptocurrency cards.