Universal Payment Channel by Visa

　　Visa's new blockchain interoperability project is intended to fill in as a “network of blockchain networks.”

　　Worldwide payments goliath Visa has acquainted a venture that points with be a “universal adapter” of blockchains that can associate different cryptographic forms of money, stablecoins just as national bank computerized monetary standards (CBDC).

　　As per an authority declaration on Thursday, Visa's examination group is dealing with a “Universal Payment Channel” (UPC) drive, a blockchain interoperability center associating numerous blockchain networks and empowering moves of computerized resources from various conventions and wallets.

　　“Imagine splitting the check with your friends, when everyone at the table is using a different type of money — some using CBDC like Swedens eKrona, and others preferring a private stablecoin like USDC,” Visa wrote, adding that such a tool “well may be a reality” in the “not-too-distant future” with the UPC project.

　　Created by Visa's exploration and item groups, the UPC project is intended to build up committed payment channels between various blockchain networks, interfacing CBDC networks between nations just as associating CBDCs with private stablecoin networks.

　　The Visa research group initially started dealing with the UPC idea back in 2018, fostering an interoperability structure that would run autonomously of the fundamental blockchain instruments.

　　“Ultimately, the UPC solution aims to serve as a network of blockchain networks — adding value to multiple forms of money movement, whether they originate on the Visa network, or beyond,” the announcement reads.

　　One of the world's biggest payments organizations, Visa took a significant action into the crypto business in 2020, joining forces with blockchain firm Circle to help the USD Coin (USDC) stablecoin on certain Mastercards. The organization has since reaffirmed its obligation to crypto payments and fiat entrances, with a specific spotlight on stablecoin incorporations.

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