Payment giant Visa is launching new consulting services to help its clients navigate the cryptocurrency world.

The company said on December 8 that its cryptocurrency consulting practice, located in its advisory and analytical services division, will advise financial institutions, retailers and other companies on everything from deploying cryptographic functions and exploring non-fungible tokens to developing a central bank. governor. digital currencies.

Part of banks’ interest in cryptocurrency is to stay competitive, according to Visa. Citing a recent internal study, Visa stated that “40% of cryptocurrency holders surveyed reported that they are likely, or very likely, to switch their main bank to one offering cryptocurrency-related products within the next 12 months.”

According to Reuters, the American financial company UMB is one of the clients of Visa’s cryptocurrency advisory services.

“We came to Visa to learn more about cryptocurrencies and stacks, as well as the use cases that are most relevant to our retail and business lines,” said Uma Wilson, executive vice president of UMB Bank.

Related Topics: Mastercard prepares its infrastructure for the distribution of central bank digital currencies.

The move represents Visa’s latest attempt to delve deeper into the cryptocurrency industry, as the company recently applied for a number of blockchain-related patents. The Visa research group is also working on the Global Payment Channel, a blockchain interoperability hub that connects multiple blockchain networks and allows digital assets to migrate across multiple protocols and wallets.

Visa is one of the many payment systems that have entered the cryptocurrency industry in recent years. Rival company Mastercard recently introduced crypto-pegged payment cards in the Asia-Pacific region, and online payment giant PayPal launched a new consumer app for cryptocurrency, savings and direct deposits earlier this year.

Source: CoinTelegraph