Visa Is Building A Payment Channel Network On Ethereum

Visa has been lively in partaking with crypto, and this week is no exception. Reports have emerged that the fee facilitator and monetary companies agency has deployed it’s first sensible contract on Ethereum Testnet.

The transfer isn’t the primary to sign Visa’s elevated acceptance to undertake crypto in their operations.

Visa’s Universal Payment Channel

The firm is exhibiting clear funding in changing into a pacesetter of fee processing by central banks through crypto. Visa’s first sensible contract deployment was a fee channel accepting each Ether and USDC. This is a conceptual protocol in growth by the fee processor that can allow interoperability between central financial institution digital currencies (CBDCs), known as a “Universal Payment Channel,” or UPC.

The timing is acceptable given the worldwide dialogue round CBDCs. This week alone, Nigeria is trying to be the primary nation in Africa to launch a CBDC, the Bank of England has launched it’s CBDC discussion board members, and New Zealand’s Central Bank has sought public suggestions on CBDCs. Of course, the most important story within the hypothesis is China’s latest bitcoin ban paired with rumors of the nation’s exploration of a ‘digital yuan.’ Through all of it, it’s protected to say that crypto and centralized currencies are on the forefront of most international locations treasury departments these days.

Visa’s UPC is being constructed to assist totally different CBDCs throughout a wide range of blockchains. The firm’s head of crypto, Cuy Sheffield, described the initiative as a “longer-term future thinking concept around a way that Visa could potentially help become a bridge between one digital currency on one blockchain and another digital currency on another blockchain.”

Ethereum testnet is host to Visa's first take at a Universal Payment Channel protocol. | Source: ETH-USD on TradingView.com

Related Reading | Crypto Analyst Says Ethereum Market Is A “Ticking Time Bomb”, Here’s Why

It’s All Part Of The Plan

This week’s growth is removed from the primary transfer from Visa to dig their heels in crypto. Last month, the corporate bought a CryptoPunk and launched a optimistic perspective round NFTs. And on the midpoint of 2021, the corporate shared that over $1B had been spent on crypto-linked Visa playing cards on the yr. Through all of it, Visa has proven a transparent favourite in Ethereum as effectively, and now is using the chain as soon as once more with the Universal Payment Channel. The firm’s clear engagement with Ethereum might show fruitful to establishing additional establishment buy-in for the blockchain.

In the corresponding UPC research and insights report launched by Visa, the corporate exhibits a transparent need to be a “network of blockchain networks” for international transactions. Digital asset tracker 21Shares has described Ethereum as “the most significant single innovation within the cryptoasset and blockchain industry since the creation of Bitcoin in 2009.” Should Visa’s UPC be constructed on the spine of Ethereum? There’s good motive to be optimistic trying ahead.

Related Reading | TA: Ethereum Just Reversed But $3,150 Presents A Major Challenge

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