THELOGICALINDIAN - The Universal Payment Channels agreement will acquiesce users to accelerate agenda assets beyond altered blockchains
Visa is ablution a accepted crypto payments hub, acceptance for the interoperability of agenda assets beyond altered blockchain networks and acquittal channels.
Visa Plans For More Crypto Integration
Financial casework behemoth Visa is attractive to accommodate agenda payments.
In a Thursday blog post, the aggregation appear that it had appear a research paper analogue a accepted hub for stablecoins and approaching axial coffer agenda currencies. The Accepted Payment Channels (UPC) agreement will affix assorted blockchains and agenda bill platforms, acceptance users to barter funds amid them.
The UPC aims to accouterment one of the better problems adverse agenda asset adoption: cross-chain interoperability. In the blog post, Visa gives an archetype of what its new hub will be able to facilitate:
“Imagine agreeable the analysis with your friends, back anybody at the table is application a altered blazon of money—some application a axial coffer agenda bill (or CBDC) like Sweden’s eKrona, and others preferring a clandestine stablecoin like USDC.”
With the UPC protocol, Visa is acquisitive to carbon the seamless cross-border, multi-currency acquittal functionality in absolute all-embracing acquittal systems. Although development is still in its aboriginal stages, the company’s analysis cardboard outlines a able abstract framework and assorted use cases for the affiliation of its new product.
The move to body the UPC agreement shows that Visa is assured agenda currencies to comedy a abundant bigger role in circadian payments in the future. For example, abounding countries are currently experimenting with the accomplishing of axial coffer agenda currencies (CBDCs). Additionally, the contempo bang beyond Layer 1 blockchains such as Terra and Solana additionally increases the charge for cross-chain interoperability.
As added money flows into assorted blockchains and agenda asset ecosystems, acceptable acquittal systems will charge to acclimate to board the new flow.
In accession to Visa’s analysis paper, the aggregation additionally deployed its first-ever acute affairs for the UPC on the Ethereum Ropsten testnet backward aftermost week. The arrangement shows an archetype acquittal approach that accepts both Ethereum and USDC. In the arrangement notes, Visa states that while the accepted adaptation uses a committed arrangement for anniversary asset pair, approaching versions will use a distinct arrangement to awning the interoperability of all assets.
Over the aftermost few months, Visa has apparent ample absorption in accumulation crypto casework into its products. In March, Visa started allowing users to achieve USDC payments anon on the Ethereum blockchain, authoritative payments added efficient. Aftermost month, meanwhile, the aggregation spent $150,000 on a CryptoPunk NFT, which Visa’s arch of crypto Cuy Sheffield declared as a way to apprentice about the arising NFT trend through hands-on experience.
Disclaimer: At the time of autograph this feature, the columnist endemic BTC, ETH, and several added cryptocurrencies.
