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Visa is developing an interoperability concept for CBDC payments
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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