Visa Launches Cryptocurrency Consulting Service

Visa is launching a new consulting service to help people navigate the world of cryptocurrencies.

The credit card giant says its new cryptocurrency advisory practice, housed within its consulting and analytics unit, will offer advice to financial institutions, retailers and other firms on everything from rolling out cryptocurrency features to exploring non-fungible tokens (NFTs).

The new offering marks Visa’s latest attempt to push deeper into the cryptocurrency industry. Between October 1, 2020 and September 30, 2021, the company processed $3.5 billion U.S. in digital currency transactions through its crypto-linked card schemes.

Visa is also developing products geared toward stablecoins — virtual tokens tied to the value of sovereign currencies, typically the U.S. dollar — and central bank-issued digital currencies.

Visa hopes its cryptocurrency consultancy can help further mainstream adoption of Bitcoin and other digital assets. Like rival Mastercard, the credit card giant sees cryptocurrencies as a key growth opportunity as it expands into areas beyond credit cards.

A recent study by Visa found that 94% of people now have some level of awareness of cryptocurrencies, while nearly one third have used it as an investment or medium of exchange.