Visa launches crypto advisory service

What

Visa has launched a crypto advisory service for its clients and merchants

Why

It is intended to help clients who have crypto holdings or who are considering getting some

What next

Visa is set to launch services this year that will allow buying, selling and custody of digital currency through its banking partners

The story

Visa has launched a global crypto advisory service for its clients and merchants today.

The service is aimed at financial institutions who want to attract or retain customers with crypto offerings, retailers looking to trade in non-fungible tokens (NFTs) or central banks exploring digital currencies, the company said. It will provide education to institutions about cryptocurrencies, allow clients to use its payment processor’s network for digital offerings, and help manage backend operations.

Visa is also looking to launch services this year that will allow buying, selling and custody of digital currency through its banking partners, Reuters reported.

Visa CFO Vasant Prabhu stopped short of saying his firm would be exchanging cryptocurrencies anytime soon. He told Reuters: “For cryptocurrencies such as bitcoin to be used as a medium of exchange, price stability is needed. If the price is going to fluctuate from $60,000 to $50,000 in a few hours, it’s a very difficult thing for a merchant to accept bitcoin as a currency.” 

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