"I am fluent in over six million forms of cryptocurrency." (Source: Getty Images)
‘Universal adapter’: Visa working on cross-blockchain digital payments solution
Coinhead
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Holder of CryptoPunk #7610, also known as global payments giant Visa, has announced it’s working on an interoperable, cross-blockchain crypto and fiat payments solution.
According to an official blog post published on Thursday by Visa’s Global CBDC product Lead, Catherine Gu, the financial services behemoth is developing a Universal Payment Channel (UPC).
The project, apparently in development since 2018, aims to create an interoperable payment hub for blockchain networks that can enable transfers of digital assets from different protocols and wallets. And yep, that includes central bank digital currencies (CBDCs), too (Gu’s job title is the giveaway there).
“Imagine splitting the check with your friends, when everyone at the table is using a different type of money,” wrote Gu. “Some using CBDCs like Sweden’s eKrona, and others preferring a private stablecoin like USDC.”
With Visa’s UPC tool, Gu reckons that “well may be a reality” in the “not-too-distant future”.
“Think of it as a ‘universal adapter’ among blockchains,” she said, “allowing central banks, businesses, and consumers to seamlessly exchange value, no matter the form factor of the currency.”
“Ultimately, the UPC solution aims to serve as a network of blockchain networks,” continues the Visa release, “adding value to multiple forms of money movement, whether they originate on the Visa network, or beyond.”
Like its chief rival Mastercard, Visa has been making strong moves into the crypto space for a while now. Earlier this year the payments giant announced it was supporting USDC as a native currency on its network, as part of a partnership with blockchain firm Circle.
And since then, Visa has made other affirming moves and statements that prove its commitment to an evolving, digitised payments world that connects fiat and cryptocurrencies. And… central banks.
Prediction: in a futuristic, peak-crypto adoption world overrun with “shadowy super coders” splitting cheques with multiple digital currencies, a central banker (secretly hoarding crypto for years) will use a Punk as a personal Twitter avatar.
