Business is booming.

Visa hopes its new crypto consulting arm will help it become cooler than its competition – TechCrunch


The world’s largest card company just doubled down on its bid to capture the crypto market. Visa announced today that it has launched a crypto advisory practice for its clients and partners under its Visa Consulting and Analytics (VCA) arm.

The news comes just a few months after Cuy Sheffield, Visa’s head of crypto, declared the asset class had become “cool” at a fintech conference last month. The payments behemoth made waves when it bought a CryptoPunk NFT in August this year, but its move to launch a dedicated crypto consultancy shows its attempts to capture crypto market share in a crowded field extend beyond marketing stunts.

Visa’s partnerships with crypto platforms have doubled in the past 18 months, Sheffield told TechCrunch in an interview. Consumers have also spent about $3.5 million dollars using Visa’s crypto-linked card programs, Sheffield said, up from $1 million in July

It also announced the results of a new global survey it conducted on consumer attitudes about crypto, which found that 40% of its 6,000+ respondents would be likely to switch primary banks to one that offers crypto products.

Visa has seen “an incredible amount of inbound calls from hundreds of clients and partners and traditional financial institutions” who are looking to integrate crypto into their offerings, Sheffield said. Visa’s consulting arm has around 700 employees, though the company did not share how many would be affiliated with the crypto practice.

“We see Visa well-positioned as a global neutral brand, with deep expertise in crypto, that can help to abstract away some of the complexity of these new technologies and help banks bring it into their core products,” Sheffield said. 

To that end, Visa invested in blockchain compliance firm TRM Analytics by participating in its $60 million Series B, announced yesterday. American Express and Citi also participated in the fundraise. Visa is just one of many card incumbents scrambling to make inroads into crypto, which is threatening their fee-dependent business model by replacing them as the new underlying infrastructure for payments.

Mastercard, for its part, launched a crypto rewards program in October this year, using Bakkt as its custodian for digital assets. Visa does not hold crypto in custody directly either, but partners with Anchorage Digital to provide this capability – a company it first invested in in 2019. Visa is building out its crypto API platform on top of Anchorage, enabling other banks to access their custodial services, Sheffield said.

Sheffield anticipates growth in Visa’s crypto-linked debit card programs as well as use cases like central bank digital currencies (CBDCs). Although just seven countries have launched CBDCs to date, 87 more are considering them, according to The Atlantic Council.

Visa is hoping to capitalize on this interest by helping banks develop CBDC-related products, Sheffield said.

“We’ve been spending a lot of time on research on what infrastructure CBDCs would use for consumer experiences, and how consumers would interact with them. We are taking that expertise and the engagements that we’re having with central banks and helping banks start to think about their role in preparing, as we think there’ll be a number of countries that end up going down this route,” Sheffield said.

Source link

  1. ZakVow says

    [url=]augmentin cream cost[/url] [url=]isotretinoin accutane[/url] [url=]cephalexin monohydrate[/url] [url=]trazodone 25[/url] [url=]how much is zoloft generic[/url] [url=]accutane prescription[/url] [url=]propecia minoxidil[/url] [url=]propranolol 10 mg buy online[/url] [url=]price of levitra 10 mg[/url] [url=]albuterol 3 mg[/url]

  2. Thomasdrumn says metformin glucophage xr

  3. Curtisapoxy says
  4. speapyday says

    Side Effects of Cialis tadalafil cialis online pharmacy

  5. Mulsiow says

    He adds that the advantage of FDA being involved is that states have difficulty enforcing their laws across state boundaries buy cialis cheap However, experiences can vary from treatment to treatment, which is why having options and doctor access is so valuable

  6. ingerne says

    With the real production cost of Cialis being incredibly low, pharma is making a killing, but men aren t taking this lying down priligy sg Follow the steps below to help ensure you receive the brand name your doctor prescribed and, if eligible, save on your prescription

  7. maraArose says

    Propecia – an anti-hormonal drug cheap cialis

  8. orervousa says

    cheap cialis There are dozens of online pharmacies that provide Cialis for purchase from

  9. actigma says

    buy cialis pro Prices for Cialis can range from 12 to upwards of 70 per tablet, depending on dosage

  10. play online slots & casino says

    casino slots with bonus realmoneyonlyhr free video
    slot machines games dgn free slots play online slots & casino

  11. первый день после смерти человека says

    первый день после смерти человека Как Общаться С
    Человеком В Депрессии И Агрессии

  12. «Игра на выживание» says

    «Игра на выживание» Сериал
    Игра На Выживание 2 Сезон Смотреть Онлайн

  13. cheap custom papers says

    need someone to write my paper for me help with filing divorce
    papers write my paper reviews cheap custom papers

  14. help writing my paper says

    buy a paper for college scientific paper writing services write
    my math paper help writing my paper

  15. psychology paper writing service says

    write my persuasive paper buy college paper what should i write my paper on psychology paper writing service

  16. need someone write my paper says

    write my college paper professional paper writers pay for a paper need someone write my paper

  17. best paper writing service says

    buy school papers help with college paper writing custom thesis papers best paper writing service

  18. can someone write my paper says

    pay to do paper professional paper writing services buy a paper can someone write my paper

  19. says
  20. differential equations coursework says

    coursework plural coursework on resume coursework meaning differential equations coursework

  21. Tbuurs says

    buy generic levofloxacin levaquin 250mg pill

  22. quantitative coursework says

    coursework help uk coursework based a levels coursework resources quantitative coursework

  23. quantitative coursework says

    coursework sample coursework questions coursework gcse pe quantitative coursework

  24. coursework for masters degree says

    coursework english literature coursework login coursework
    upm coursework for masters degree

  25. says

    coursework coursework english literature coursework university

Leave A Reply

Your email address will not be published.