The company has implemented the concept of “Universal Payment Channel“, which will connect two blockchain, and deployed its sample in the form of a smart contract in the Ethereum Ropsten testnet.
Visa payment system is working to create a blockchain network that will allow converting various Crypto 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.
Visa called the UPC concept a universal adapter that will connect blockchain for their interaction, ensuring fast and secure data transfer between platforms.
This will allow both ordinary users and companies to exchange assets of various blockchain and other available information.
In March, 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 cryptocurrencies, which will be integrated with banks. The product launch is scheduled for the end of the year.
Bitcoin and other cryptocurrencies in the interests of Visa customers will be kept by the Anchorage depository.
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