Visa is designing a blockchain interoperability system
The global payments giant works on a universal payment channel, UPC, which will allow the transfer of digital assets in different protocols and wallets
The multinational financial services company Visa reported that it is working on the design of a blockchain system that tries to be a “universal adapter” that facilitates the connection of multiple” cryptocurrencies, stablecoins as well as digital currencies of central banks” from different countries.
The company’s group of researchers is working on the “Universal Payment Channel (UPC) project that will aim to become” a blockchain interoperability center that connects multiple blockchain networks and allows the transfers of digital assets of different protocols and wallets.”
The payments giant issued a statement stating that the organization began the process of conceptualizing the initiative in 2018, based on the ability to exchange payment information with digital assets regardless of the networks or “underlying blockchain mechanisms.”
The UPC project is invented to “establish dedicated payment channels between different blockchain networks, connecting CBDC networks between countries, as well as connecting CBDC with private stablecoin networks.”
In the statement, the company says that, in the very near future, people will be able to meet somewhere and will be able to cancel the account using each one their own type of money. That is, “using CBDC such as Sweden’s eKrona, or a private stablecoin like USDC.” This will be possible with the UPC.
The UPC solution or “universal adapter” seeks to offer “a network of networks” adding value to the different forms of money movement, regardless of the network where it occurs, or whether it originates in the Visa company network or in another one.
M. Rodríguez
Source: es.cointelegraph.com.
