Visa, the payments giant, has taken another step in its attempts to make central bank digital currencies (CBDCs) interoperable. Visa’s concept, called Universal Payments Channel (UPC), is designed to ensure that different blockchain networks can be interconnected so that CBDCs can be easily moved across networks.
In an interview for the crypto specialist news site The Block, Visa’s head of crypto, Cuy Sheffield, stated that “this is a much longer-term future thinking concept around a way that Visa could potentially help become a bridge between one digital currency on one Blockchain and another digital currency on another Blockchain”.
Visa is betting that digital currencies will play a big part in people’s lives in the future, with customers making and receiving payments, irrespective of currency or channel, underpinned by its protocol that will facilitate digital currency payments. The company’s aim is to make its UPC the network of Blockchain networks, to allow for an easy movement of cryptocurrencies around the world.
"“Blockchain technology will transform the financial sector and the winners will be crypto-native businesses and those that spotted the trend early on, like Visa. Every financial board should remember what happened to giants like Kodak or Olivetti when they failed to spot the digital revolution happening under their noses”, warned Eduardo Carvalho, the founder and CEO of Dynasty Global Investments AG."