Visa Commits to Crypto Despite Sector’s Current Double-Digit Decline
DailyCoin
Published Jan 04, 2022 03:54AM ET
Visa Commits to Crypto Despite Sector’s Current Double-Digit Decline
Early this month the top global payment processor, Visa (NYSE:V), launched its cryptocurrency advisory service, targeting its merchant users and banking clients. The Visa offerings comprise a range of services such as crypto education for institutional clients, enabling merchants to accept crypto payments, backend support, and more.
The company has since said it’s committed to the crypto advisory service, despite double-digit drops in the most widely used crypto coins and tokens at retail. Since Visa’s launch, correlative not causal losses have hit Bitcoin (-10%), Ethereum (-20%), Litecoin (-30%), and Dogecoin (-22%).
According to the company’s announcement, the move into advisory services for e-money is driven by its research that 94% of financial decision makers at banks are aware of crypto, and 40% of crypto owners are willing to switch to a bank that has digital currency offerings.
Visa states that it’s targeting banking institutions that are keen to attract or retain consumers using crypto services, retailers interested in exploring non-fungible tokens (NFTs), and government central banks considering issuing their own digital currencies. Visa is rolling out the service now, which will enable its banking partners to buy, sell, and store digital currency where legal.
Despite the recent decline across the industry, Visa’s Head of crypto, Cuy Sheffield, told a New Delhi-based media outlet last week that they will continue to support the crypto ecosystem. Specifically he said Visa will make it easier for consumers to buy or cash-out crypto using Visa cards; adding new infrastructure and crypto capabilities; conducting original research; and supporting the emerging NFT economy.
"We've partnered with more than 60 of the leading crypto platforms, like FTX, BlockFi, Crypto.com, Coinbase (NASDAQ:COIN), and Binance, to launch card programs that make it easy for consumers to convert and spend digital currency at 80 million merchant locations worldwide. At the end of the day, we want to serve as a bridge connecting the crypto ecosystem with our global network of 80 million merchant locations and more than 15,000 financial institutions," Sheffield said in the interview.
Early this month the top global payment processor, Visa, launched its cryptocurrency advisory service, targeting its merchant users and banking clients. The Visa offerings comprise a range of services such as crypto education for institutional clients, enabling merchants to accept crypto payments, backend support, and more.
EMAIL NEWSLETTER
Join to get the flipside of crypto
Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.
[contact-form-7] You can always unsubscribe with just 1 click.
Get The News You Want
Continue reading on DailyCoin
Written By: DailyCoin
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.