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Visa is developing an interoperability concept for CBDC payments

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Shivangi Mujumdar Follow

INDIA

Oct, 06 2021

Oct, 06 2021

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US based financial service cooperation Visa is growing its crypto framework with a new stablecoin interoperability centered layer-2 solutions that would permit Central Bank Digital Currencies (CBDCs) and private stablecoins to be traded between various blockchain.

The new platform would be known as the “universal payments channel” (UPC). It has established a concept that displays how different CBDCs can be interoperable with each other to make payments. It indicates how Visa can benefit from exchanging several CBDCs built on different blockchains in the future.

Digital currencies along with CBDCs and stablecoins, will assume a significant part in individuals' financial lives later on, according to the Visa. For digital currencies to be hopeful, Visa studies should have an extraordinary buyer experience and notable merchant endorsement.

Visa- organized its first-ever sample smooth contract on Ethereum’s Ropsten testnet :

As a feature of rising the UPC idea, the payment giant Visa has likewise coordinated its very first example smart deal on Ethereum's Ropsten testnet. The smart deal shows a payment channel that receives both ether (ETH) and the USDC stablecoin. In the long run, Visa aims for UPC to assist as a "network of blockchain networks" to transfer digital currencies around.

UPC’s focus on payment channels would be recognized off the blockchain and leverage smart contracts to link again with several blockchain networks. It is to bring a high transaction from side to side to put firmly and consistently and improve speeds overall.

Sheffield has renowned that the company is ramping up its information and know-how with the learning firmness and writing smart contracts on Ethereum.

Visa constructing a base for Dominating Crypto :

Visa over the past few years has lifted its attention majorly on the crypto market and has dominated the traditional market for a time. Previously in the second quarter, Visa had discovered that crypto-related transactions have exceeded over a billion-dollar in the first 5 months of 2021. They also open up the plans of building an infrastructure to make crypto the most used currency globally.

Along with Mastercard, Visa, another payment handling giant is also aggressively working towards constructing new infrastructure for crypto payments and expenditure.


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Shivangi Mujumdar

CBW - External Analyst

INDIA

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