Visa has introduced “crypto consulting” services. The move is both a bid to boost adoption and stay competitive in the rapidly growing world of crypto finance.
The service will offer advice to institutions on implementing crypto features and on the latest developments, such as non-fungible tokens NFTs.
Visa says that UMB Financial Corporation is already using the new tool. This is the company’s latest move to try and expand its crypto offerings.
It’s already seen success with its crypto-linked card program. According to Nikola Plecas, Visa’s European lead, the program processed roughly $3.5 billion in crypto in 2021. This program allows users to spend cryptocurrency at more than 80 million merchants.
Pressure, Praise, Dismissal
According to CNBC, Amazon has stopped accepting Visa in multiple territories. This is part of the reason why Visa must keep innovating. Moreover, it can capitalize on the crypto boom initially dismissed as a “fad.”
Crypto has become increasingly attractive in an age when privacy is a concern. It’s telling that VPNs and password managers often let subscribers pay with crypto to ensure full anonymity.
While some interested in the commercial applications of crypto may applaud Visa, it’ll be far more difficult to win over crypto purists.
The latter often select “coins” based on their attributes (such as anonymity) and shun traditional centralized banking. Visa’s new service is contrary to that.
This will create a broad split in the way crypto is used. On one hand, you’ll have mainstream usage through traditional entities and tools like payment gateways. On the other hand, you’ll have purists using methods like direct-to-wallet payments for complete anonymity.
It appears that, for now, the crypto advisory is limited to enterprise levels. Still, it could be open to the average person at some point in the near future.
Garan is a writer interested in how tech reshapes the environment, and how the environment reshapes tech. You'll usually find him inoculating against future shock and arguing with bots.
