Bitcoin

Visa Launches Layer 2 Fee Resolution for CBDCs and Stablecoins

Visa, a bank card large agency, has been making nice strides in crypto adoption. The agency has now introduced that its analysis and product crew is working in the direction of a brand new blockchain undertaking dubbed Common Fee Channel (UPC).

The announcement made on September 30 by the International 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 Expertise (DLT) networks and make the switch of digital property straightforward and handy.

“Consider it as a “common 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 international fee large companies which have totally embraced digital currencies. Within the latest announcement, Visa said that it’s assured that extra central financial institution digital currencies (CBDCs) shall be developed. It additionally famous that even when the US is lagging in CBDC improvement, 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’s going to additionally enable 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 equivalent to excessive speeds in transaction processing. UPC hub shall be primarily based on layer two, whereby transactions shall be processed off-chain. It’s going to additionally leverage good contracts to allow communication between blockchains and provide safety and reliability.

Gu additionally added that the hub shall be “including worth to a number of types of cash motion, whether or not they originate on the Visa community, or past.”

Nonetheless, the announcement failed to say whether or not the community would assist different digital currencies like Bitcoin and Ethereum. Nonetheless, Visa has been optimistic in the direction of Bitcoin, as early this yr, the fee large stated Bitcoin was the digital gold.

Credit score Playing cards and Crypto

Bank cards have grow to be well-liked within the crypto sector as they facilitate straightforward conversion of crypto property into fiat. On September 30, COTI, a famend blockchain funds fintech agency, said that it will launch Visa debit playing cards for shoppers and assist financial institution accounts.

This move is geared in the direction of bridging the hole between digital currencies and fiat currencies, as it is going to enable customers to make use of each crypto and fiat seamlessly when purchasing on-line or in-store.

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