Visa Will Create a Blockchain Network for Converting Digital Assets

Visa… What is going on? LATOKEN provides education and resources for its users, traders, and cryptocurrency enthusiasts around the world. LATOKEN, the fast-growing crypto exchange, is sure it is essential to stay up to date if you are trading or dealing with crypto somehow. Today we will talk about the payment giant Visa… Read on!

What happened with Visa?

The company has implemented the concept of “Universal Payment Channel,” which will connect two blockchains, and deployed its sample in the form of a smart contract on the Ethereum Ropsten testnet.

Visa payment system is working to create a blockchain network that will allow converting various digital assets, including tokens, stablecoins, and national digital currencies (CBDC). The company has already conceptualized a Universal Payment Channel (UPC) and deployed a sample smart contract on the Ethereum Ropsten testnet.

The UPC concept has been called a universal adapter that will connect blockchains for their interaction, ensuring fast and secure data transfer between platforms. This will allow both ordinary users and companies to exchange assets of various blockchains and other available information.

In March 2021, Visa became the first of the major payment systems to start conducting transactions in cryptocurrency. The company transferred the USDC stablecoin using the Ethereum blockchain.

Also, in early 2021, the payment giant announced the release of its own system (API) for buying cryptos, which will be integrated with banks. The product launch is scheduled for the end of 2021. The Anchorage depository will keep Bitcoin and other cryptocurrencies in the interests of Visa customers.

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