October 19, 2021

Visa will create a blockchain network for converting digital assets

The company has implemented the concept of "Universal Payment Channel", which will connect two blockchains, and deployed a sample of it as a smart contract on the Ethereum Ropsten testnet.

Visa payment system is working to createa blockchain network that will convert 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.

Visa calls UPC concept universaladapter that will connect blockchains for their interaction, providing 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, Visa became the first of the major payment systems to start conducting transactions in cryptocurrency. The company transferred stablecoin USDC using the Ethereum blockchain.

Also in early 2021, the payment giantannounced the release of its own system (API) for the purchase of cryptocurrencies, which will be integrated with banks. The product launch is scheduled for the end of the year. Bitcoin and other cryptocurrencies for the benefit of Visa customers will be held by the Anchorage depository.

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