Visa creation service advises financial institutions on cryptocurrencies
This is a new dawn. Credit card giant Visa is now engaged in the cryptocurrency business. However, they will not buy or sell yet. Its new department will provide advice to everyone. From retail customers to financial institutions and even central banks can obtain information from Visa’s encryption experts. Many people still value the input that traditional institutions can provide, even if they have no track record. So this seems to be good news for the encryption industry.
“Visa’s services include cryptocurrency education for institutions, allowing customers to use the payment processor’s network to provide digital products, and helping manage back-end operations.”
with visa promise:
“Work with pioneers in the global payment field to tap the potential of cryptocurrencies. In order to allow crypto to reach its full potential, we are connecting crypto and blockchain networks to our trusted global payment network. We are promoting innovation for the crypto ecosystem Provide more access and value.”
Visa’s CFO still doesn’t understand Bitcoin
Considering that they are providing expert advice on cryptocurrency, Visa’s CFO said the strangest move, which is a strange move. Vasant Prabhu told Reuters:
“If the price fluctuates from $60,000 to $50,000 within a few hours, it is very difficult for merchants to accept (Bitcoin) as a currency. I don’t know whether cryptocurrencies like Bitcoin will become a medium of exchange. The stablecoin will be.”
Bitcoin is already a medium of exchange. This is the legal tender of the entire country. This is a process, but merchants will quickly understand the benefits of holding deflationary currencies instead of inflationary currencies. If Prabhu doesn’t understand this, how can he expect his clients to take his advice seriously?
BTC price chart for 12/09/2021 on Gemini | Source: BTC/USD on TradingView.com
What did Visa’s encryption research department discover?
When introducing the company’s crypto research department, the company said: “For financial institutions eager to attract or retain customers through crypto products, retailers who want to conduct in-depth research on NFTs, or central banks exploring digital currencies, it’s important to understand the crypto ecosystem. first step.”
As the first demonstration of power, they produced “Encryption phenomenon: consumer attitudes and usage.A report, among other things, found the following:
- “94% of adults in the world have almost universal knowledge of cryptocurrency, and they have discretion over family finances.”
- “Nearly one-third of crypto-conscious consumers already own or use cryptocurrency. Most people say their use has increased in the past year (62% of owners), and two-thirds expect them The share of investable assets that will increase investment will be encrypted in the next 12 months (66% of owners).”
- “In emerging markets, ownership of cryptocurrencies (37%) and curiosity (27%) are more pronounced.”
- “The biggest driving force for owning and using cryptocurrency is participating in the “future of finance” (42% of owners) and accumulating wealth (41% of owners)”
- “Most cryptocurrency owners are interested in buying cryptocurrency from their bank (85% of owners)”
- “More than one-third of existing owners stated that they plan to switch to a bank that offers crypto products in the next 12 months (39% of owners).”
- “The vast majority of consumers who use cryptocurrency expressed interest in crypto-related cards (83% of active owners) and rewards (86% of active owners).”
Related Reading | Visa is building a payment channel network on Ethereum
Avoid confusing conclusions
Although Visa’s research seems to be biased towards what customers need to hear to get a new service, the results are interesting. It is useful to see what the research department of a company with this resource can come up with. Let us hope they keep going. Let us hope that Visa’s CTO will read the “Bitcoin Standard” because that sentence is embarrassing.
Featured Image: Visa and Bitcoin, taken from their site | Charts by TradingView