Last edited: Dec 10, 2021

With surging interest in all things related to crypto, Visa, the biggest credit card network in the world, announced earlier yesterday that it will be expanding its reach into the crypto industry with a launch of a new division: a crypto consulting unit.

In the press release, Visa stated that “at a moment when digital currencies are taking greater hold in the popular consciousness,” it will be introducing crypto advisory services to “help partners navigate a new era of money movement.”

Visa’s decision to launch a consulting arm specifically for crypto is partly informed by a global study the payment giant conducted recently, titled “The Crypto Phenomenon: Consumer Attitudes & Usage.” In the study, Visa found that around one-third of respondents have directly engaged with crypto, and that globally, around 40% of crypto owners would likely or very likely switch their primary banking institution to one that offers crypto-related financial products.

In addition, Visa also uncovered the following insights:

• Crypto headlines are having an impact, as awareness of crypto among the general public has picked up significantly this year, with broad media coverage and with influencers such as Elon Musk and Jack Dorsey endorsing various types of crypto coins;
• A significant segment is using or investing with crypto, as around 33% of all crypto-aware adults own or use crypto, and more than 60% of those stated that they have increased their usage or degree of investment in crypto;
• Key motivators include wealth-building and belief in crypto as the future of financial services, with the biggest drivers of owning and using crypto being that users see crypto as the primary payment method in the future and that it will help accumulate wealth;
• Crypto-linked cards and crypto rewards are attractive, since this is the easiest way for consumers to spend and convert crypto to products, and accrued crypto rewards could climb in value.

With more people adopting crypto, and many expressing interest to switch out of their current financial institution for one that offers crypto financial services and products, it is a no-brainer for Visa to launch a crypto consulting arm, as many financial institutions around the globe would be looking to expand their offerings into the crypto market to attract new users.

Despite the news, however, the entire crypto market is down today. Most major coins are all down 5% or more today.

BTC price chart over the past 24 hours (15 minute intervals)