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Visa Launches Crypto Advisory Services for Banks as Demand for Digital Assets Grows
“Every bank should have a crypto strategy,” Visa argues.
Updated May 9, 2023, 3:33 a.m. Published Dec 8, 2021, 10:33 p.m.
Payments giant Visa has formed a global crypto advisory practice to help financial institutions develop their cryptocurrency businesses as demand for crypto products continues to grow, the company said in a statement Wednesday.
“We think it’s a critical role for Visa to play to help be this bridge between banks and the crypto ecosystem,” Cuy Sheffield, Visa’s head of crypto, told CoinDesk. “Every bank should have a crypto strategy.”
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Visa’s crypto advisory team will work alongside the company’s consulting and analytics group to advise banks on their crypto strategy and execution, as well as to help banks build crypto teams.
Sheffield says there’s been an inflection point over the last nine months in which banks have started to recognize their consumers want access to crypto. Meanwhile, they also want to figure out how they can better serve crypto businesses such as exchanges and wallets, according to Sheffield.
In a recent study conducted by Visa, 18% of global participants revealed they would be likely or very likely to switch their primary bank to one offering crypto-related products over the next year. In emerging markets, that figure rose to 24%. And for consumers who already own cryptocurrency, Visa’s study found that almost 40% of participants expressed a willingness to switch their banks to ones offering crypto products.
Read more: Visa Makes Investment in Credit Card Tech Startup Deserve
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The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq.
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- French banking group BPCE will start offering crypto trading services to 2 million retail customers through its Banque Populaire and Caisse d’Épargne apps, with plans to expand to 12 million customers by 2026.
- The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq, with a €2.99 monthly fee and 1.5% transaction commission.
- The move follows similar initiatives by other European banks, such as BBVA, Santander, and Raiffeisen Bank, which have already started offering crypto trading services to their customers.
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