American multinational financial services corporation decided to form a crypto advisory practice. Visa said in a statement that the company made it to help financial institutions elaborate globally and create their own crypto businesses as demand for numerous crypto products grows.
Visa’s head of crypto, Cuy Sheffield, told CoinDesk that the company thinks it’s a significant role for Visa to bridge the crypto industry and local banks. The company believes that every bank should create and follow a crypto strategy.
Visa created a crypto advisory team. They will work with the company’s analytics and consulting groups to advise local banks on crypto strategy and performance. They will also help banks create crypto teams.
Cuy Sheffield explaining the strategy
According to Sheffield, there has been a severe inflection point for the last ten months. As he said, banks have decided to analyze their customers’ behavior in this period. Moreover, they recognized that their consumers wanted to have access to cryptocurrency. In the meantime, according to Sheffield, local banks also want to figure out how they can better assist crypto businesses, including various exchanges and wallets.
Recently Visa started to analyze and study the situation. According to their study, around 19% of participants globally declared they would change their attitude towards banks and traditional systems. The study showed that most people would switch primary banks to other banks offering crypto-related products.
In fact, the company estimates that these changes might happen over the next year. That figure increased to around 25% in more emerging markets. Visa’s study found that almost 40% of users who already own digital currency revealed a willingness to change their banks to other banks that offer a crypto strategy and offer crypto products. Therefore, the company decided to meet the demand and create its advisory team.