Visa, the worldwide payments giant has launched a project that targets to be a ‘universal adapter’ of blockchain that can link various cryptos, central bank digital currencies (CBDC) as well as stablecoin.
On Thursday, an official announcement made it clear that the research team of Visa is working on a ‘Universal Payment Channel’ (UPC) initiative, a blockchain interoperability hub linking various blockchain networks and allowing digital assets transfers from different wallets and protocols.
Created by research and product teams of Visa, the UPC project is crafted to set up dedicated payment channels between various blockchain networks, linking CBDC networks between nations and also linking CBDCs with private stablecoin networks.
The research team of Visa actually started working on the concept of UPC back in 2018, creating an interoperability system that would operate independently of the fundamental blockchain technique.
The announcement mentioned that eventually, the UPC solution intends to act as a network of blockchain networks – adding value to various forms of money movement, whether they begin on the Visa network or beyond.
Visa, one of the largest payments firms in the world made a huge move into the cryptocurrency world in 2020, associating with blockchain company Circle to promote the USD Coin (USDC) stabelcoin on specific credit cards. The firm has since reconfirmed its dedication to cryptocurrency payments and fiat on-ramps, with a specific focus on stablecoin integrations.