A crypto exchange Crypto.com confirmed that hackers stole nearly $34 million during Monday's hack. In a Tuesday update, the exchange revealed that hackers stole 443.93 bitcoin ($18.7 million), 4835.25 ether ($15.2 million) and approximately $66,200 in USD. The company faced criticism over its communication after the incident. The company's CEO only confirmed the hack on Wednesday, three days after it took place. In total, the hack affected 483 users. However, Crypto.com said that they fully reimbursed all of them. The…
Visa understands where the financial payments of the future are heading. Furthermore, it does not hesitate to inform its clients about it. For example, the payment giant is launching crypto consulting and advisory services to help clients navigate the novel crypto world. This shortly follows the launch of another Visa initiative to familiarize artists with NFTs.
Crypto Consultation With Visa
The advisory practice will be housed in Visa’s consulting and analytics division, as reported by CNBC. It will provide retailers, financial institutions, and other firms with a range of information on implementing crypto into their businesses. UMB – a 100+-year-old financial services company based in Kansas – is already using Visa’s new services.
This is far from the first of Visa’s forays into crypto. Alongside Mastercard, the company offers crypto payment processing services that allow anyone to spend their crypto wherever Visa is accepted. Through its crypto-linked cards, Visa processed $3.5 billion in digital asset transfers from October 1st 2020, to September 30th 2021.
Visa hopes that its consultation service can help Bitcoin and other cryptocurrencies gain more mainstream adoption. This year, Bitcoin has been remarkably productive on that front. Major institutions like Tesla and Microstrategy have invested billions of dollars into the asset. Furthermore, the network’s use for value transfer has surged, processing more volume than Paypal this year. That said, it still manages far lower volumes than Visa.
“Crypto for us is a huge new vertical and growth opportunity,” said Visa’s European Crypto Lead Nikola Plecas . And we will be continuing to focus on growing this business moving forward,”
Spreading the Word on Crypto
Besides Visa’s adoption of crypto-supported payments, the company also launched an educational program to support NFT artists in October. In partnership with Micah Johnson, an MLB player turned NFT artist, Visa is sponsoring various artists. This way, they aim to educate them on the new technology and how monetization will change art forever.
Recent developments in the mainstream economy are helping spark curiosity about crypto across the world. Facebook’s recent rebranding to Meta is among them. For instance, this event sparked conversations about the metaverse concept and the role NFTs play within it.
A recent study from Visa reveals that 94% of people are aware of cryptocurrency on some level. Meanwhile, one-third of people have used it as an investment or exchange mechanism – especially young people.