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Visa Started Advising Its Clients on Crypto

Visa payment system offers digital currency and non-fungible token (NFT) consulting services to financial institutions, retailers, and other organizations.

The Visa payment system has begun to provide consulting services for working with cryptocurrencies for its clients, CNBC reports. According to the publication, the company offers advice to financial institutions, retailers, and other organizations that have started working with digital currencies and non-fungible tokens (NFT). The American bank UMB became one of the first Visa clients to receive relevant consulting services.

Visa believes helping other companies work with cryptocurrencies will help drive the massive adoption of Bitcoin and other digital assets. The head of the Visa cryptocurrency business in Europe, Nikola Plecas, said that from October 1, 2020, to September 30, 2021, the company processed cryptocurrency transactions worth more than $3.5 billion.

“Cryptocurrencies are a huge new topic for us and an opportunity for growth. We will continue to focus on the development of this business,” Plecas said.

In September, Visa said it is working to create a blockchain network that will convert various digital assets, including tokens, stablecoins, and national digital currencies (CBDCs).

In March, Visa became the first of the major payment systems to start conducting transactions in crypto. The payment giant transferred the USDC stablecoin using the Ethereum (ETH) blockchain.

What is more, at the beginning of 2021, the company announced the release of its own system (API) to purchase cryptos, which will be integrated with banks. The product launch is scheduled for the end of 2021. Bitcoin (BTC) and other cryptocurrencies in the interests of Visa customers will be kept by the Anchorage depository.

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LATOKEN crypto exchange does not provide any investment, tax, legal, or accounting advice. This article is written for informational purposes only. Like other assets, cryptocurrency is subject to market risk. Please do your own research and trade with caution.