Visa Launched Crypto Advisory

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Visa Launched Crypto Advisory

Visa Launched Crypto Advisory

The crypto market is expanding continuously and steadily. It will expand further as more businesses have started supporting the segment and Visa Inc has lately announced a crypto advisory service. Banks, merchants and other clients will be benefitted from it.

The move is widely being welcomed and embraced by financial institutions as these are eager to attract as well as retain customers into the crypto segment including non-fungible tokens (NFTs), which is the latest sensation in the blockchain technology for selling digital assets like artworks and music.

The global service includes managing crypto backend operations, processing payment for digital offerings and education institutions.

UMB Bank executive vice president Uma Wilson said they learned more about crypto from Visa and its relevancy in both business and retail lines.

A survey by Visa reveals most crypto owners may switch over to their primary banks for buying crypto-related products in a short period of the next one year. As of now, Visa facilitates buying and selling of cryptocurrencies. It simultaneously offers credit cards to enable earning of Bitcoins with purchases and allows the use of stablecoin cryptocurrency USD Coin that is directly pegged to the USD.

Visa CEO Vasant Prabhu said it is important that Bitcoin should have price stability to be used as an exchange medium. It becomes difficult if the price fluctuates heavily in a couple of hours. It may not be therefore accepted as a currency by merchants.

He further adds that it is doubtful that Bitcoin may ever be used as an exchange medium and Visa will be facilitating it at the right time.

About Visa

Visa is one of the leaders in the world in digital payment systems. It is an American financial service provider and was founded in 1958 by Dee Hock. It is headquartered in Foster City, California, US. It facilitates funds transfers electronically and across the world and commonly through debit cards, credit cards and prepaid cards.

It was launched by Bank of America and initially as BankAmericard. It started licensing it to financial institutions in 1966. In 1976, it was renamed Visa.

About Cryptocurrency

Cryptocurrency is a digital currency. It has no physical existence. It is processed through a computer network. Bitcoin was the first cryptocurrency and was launched in 2009. Today, there are thousands of cryptocurrencies. However, Bitcoin is still the largest with respect to market capitalization. The segment is based on blockchain technology and transactions are passed through a public digital ledger.

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