Payments giant Visa has formed a global crypto advisory practice to help financial institutions develop their cryptocurrency businesses as demand for various crypto products continues to grow, the company said in a statement.
“We think it’s a critical role for Visa to play to help be this bridge between banks and the crypto ecosystem,” Cuy Sheffield, Visa’s head of crypto, told CoinDesk. “Every bank should have a crypto strategy.”
Visa’s crypto advisory team will work alongside the company’s consulting and analytics group to advise banks on their crypto strategy and execution, as well as helping banks build dedicated crypto teams.
Sheffield says there’s been an inflection point over the last nine months in which banks have started to recognize their consumers want access to crypto. Meanwhile, they also want to figure out how they can better serve crypto businesses such as exchanges and wallets, according to Sheffield.
In a recent study conducted by Visa, 18% of global participants revealed they would be likely or very likely to switch primary banks to one offering crypto-related products over the next year. In emerging markets, that figure rose to 24%. And for consumers who already own cryptocurrency, Visa’s study found that almost 40% of participants expressed a willingness to switch their banks to ones offering crypto products.