Visa Announced That It Is Working On Crypto Payments

Visa announced that it is working on crypto payments. Visa wants to integrate multiple cryptocurrencies at once.

Visa, a global payments giant, has announced that it has launched a new project aimed at integrating multiple cryptocurrencies, stablecoins and central bank digital currencies (CBDC). In an official announcement Thursday, Visa's research team is working on a blockchain interoperability hub initiative that supports multiple blockchain networks, enabling digital asset transfer from different protocols and wallets. Visa included the following statements in its statement: “Imagine that everyone is using a different currency in your environment. Imagine that some use a CBDC like the Swedish eKrona, while others use a stablecoin like USDC. Thanks to the center we will develop, anyone will be able to use any currency they want.” Developed by Visa's research and product teams, the project creates payment channels between different blockchain networks. In addition, the project will be able to interconnect CBDC networks across countries and integrate CBDCs into private stablecoin networks.

They Have Been Working For This Concept Since 2018!

Visa engineers started working on this concept in 2018. As a result of this work, the company has dug the foundations of the project, which operates independently of the underlying blockchain mechanisms. In addition, Visa's statement also included the following statements: "Our project aims to serve across blockchain networks. We aim to add value to multiple currencies, regardless of whether they originate from the Visa network or from a different network." Visa, one of the world's largest payment companies, has partnered with Circle to support USDC on certain credit cards. Since then, the company has been working to create a balance between cryptocurrencies and payment networks.