Visa, a bank card large agency, has been making nice strides in crypto adoption. The agency has now introduced that its analysis and product group is working in the direction of a brand new blockchain mission dubbed Universal Payment Channel (UPC).
The announcement made on September 30 by the Global CBDC Product Lead at Visa, Catherine Gu, said that UPC can be a cross-chain interoperability platform that may convey collectively completely different Decentralized Ledger Technology (DLT) networks and make the switch of digital belongings simple and handy.
“Think of it as a “universal adapter” amongst blockchains, permitting central banks, companies and customers to alternate worth seamlessly, regardless of the shape issue of the forex,” Gu stated.
Visa and Crypto
Visa is among the many world cost large companies which have totally embraced digital currencies. In the current announcement, Visa said that it is assured that extra central financial institution digital currencies (CBDCs) might be developed. It additionally famous that even when the US is lagging in CBDC growth, a digital greenback will nonetheless be launched.
The UPC hub will hyperlink CBDCs and stablecoins below one cross-chain platform to allow seamless transfers. It may even permit interoperability between the CBDC networks of various nations and trusted non-public stablecoin networks.
Gu additionally famous that Visa’s product would provide sure benefits reminiscent of excessive speeds in transaction processing. UPC hub might be primarily based on layer two, whereby transactions might be processed off-chain. It may even leverage good contracts to allow communication between blockchains and provide safety and reliability.
Gu additionally added that the hub might be “adding value to multiple forms of money movement, whether they originate on the Visa network, or beyond.”
However, the announcement failed to point out whether or not the community would help different digital currencies like Bitcoin and Ethereum. Nevertheless, Visa has been constructive in the direction of Bitcoin, as early this 12 months, the cost large mentioned Bitcoin was the digital gold.
Credit Cards and Crypto
Credit playing cards have turn into standard within the crypto sector as they facilitate simple conversion of crypto belongings into fiat. On September 30, COTI, a famend blockchain funds fintech agency, said that it will launch Visa debit playing cards for purchasers and help financial institution accounts.
This move is geared in the direction of bridging the hole between digital currencies and fiat currencies, as it can permit customers to use each crypto and fiat seamlessly when procuring on-line or in-store.
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