$ 19,306.68
$ 1,074.46
$ 0.999537
$ 0.456666
$ 0.322354
$ 1.00

Visa Working on Interoperability Concept for Central Bank Crypto Payments

The industry titan has been busy moving closer to reaching its goal for Central Bank Digital Currencies (CBDCs) by developing an interoperability concept that reveals how payments can be carried out through the interoperation of numerous CBDCs. 

The interoperability concept named “Universal Payments Channel” (UPC) reveals the interconnectedness possibilities of numerous blockchain networks where CBDCs can be transferred. The future CBDC exchanges that will be built on blockchains can be helped along by Visa.

Cuy Sheffield declared that it is a concept that will develop sometime in the future but it does highlight the potential ways in which Visa can mend a bridge between different cryptocurrencies running on different blockchains

Visa believes that the future will entail a vast integration of digital currencies like stablecoins and CBDCs. Visa supports that a broad merchant acceptance and a better or greater experience of consumers will help digital currencies to be even more successful in the future. 

“It means the ability to make and receive payments, regardless of currency, channel, or form factor. And that’s where Visa’s UPC concept comes in.”

The Universal Payment Channel (UPC) concept is the protocol that will facilitate payments between different parties in digital currency. According to the UPC whitepaper, “The UPC protocol facilitates payments through an entity, called the UPC hub (or server — we use the terms interchangeably), which acts as a gateway to receive payment requests from registered sending parties and routes them to registered recipient parties.”

Visa has also deployed its first prototype smart contract on Ethereum’s Ropsten testnet as part of developing the UPC concept. The smart contract depicts a payment channel that supports both Ethereum (ETH) and USDC.

According to Visa, UPC’s dedicated payment channels would be built on top of the blockchain and would use smart contracts to interface with the multiple blockchain networks, offering high transaction throughput safely and reliably while simultaneously improving speeds.

Sheffield stated that Visa is expanding its knowledge and experience, understanding solidity, and building smart contracts on Ethereum. In the future, it will also look at other blockchains, he said. In the end, Visa wants UPC to function as a network of blockchain networks for exchanging digital currencies.

Also read: Axie Infinity, The Biggest Blockchain-Powered Play-to-Earn Game, Launches Its AXS Staking Program

Also read:

Related News

Updates have been provided on the current service freeze and new recovery efforts were outlined by the company.

Potential Solutions Are Being Considered By Celsius

Strategic deals and liabilities restructuring are being explored by Celsius. Updates have been provided on the current service freeze and new recovery efforts were outlined by the company. On June 12th, all transitions, withdrawals, and swaps were put on pause by Celsius and as of now, the company is looking for ways to recover. “Important steps to preserve and protect assets and explore options” are being taken by the company, per

Read More »
As the withdrawal function remains halted, the company is continuing to engage with investors interested in the Recovery Value USD (rvUSD).

Withdrawal Resumption Plan Is Not Moving Forward, CoinFLEX Backs Down

Withdrawals will not be resumed as anticipated, following a halt last week, CoinFLEX announced. As the withdrawal function remains halted, the company is continuing to engage with investors interested in the Recovery Value USD (rvUSD). After the token sale is completely carried out, CoinFLEX will disclose the process for permitting withdrawals, stated CEO Mark Lamb. “Extreme market conditions and continued uncertainty involving a counterparty” led CoinFLEX to hit a pause

Read More »
Just recently, the company had to reduce over 1% of its global workforce, making Coinbase vulnerable to the current market crash.

Coinbase Looking to Expand In Other Countries

Following the layoffs and rescinding of employment offers, the cryptocurrency exchange Coinbase intends to grow deeper into Europe. The intentions to register in nations such as Italy, Spain, France, and the Netherlands, were announced by Nana Murugesan, vice president of the California-based crypto exchange. Countries such as Germany, Ireland, the United Kingdom, and even Switzerland, where the first employee was hired recently, already have Coinbase as a licensed crypto exchange.

Read More »

My Coins

$ 19,306.680.23%
$ 1,074.460.65%
$ 0.4566660%
$ 0.9995370.1%

Newest Videos on YouTube

We inform and educate people about Cryptocurrencies and Blockchain technology.

© Copyright 2021, All Rights Reserved,
Crypto Academy


Contact Us

For any question conatct us through:

Disclaimer: All information and materials on this website are for educational purposes only. does not provide any form of financial advice. Cryptocurrencies are highly volatile, therefore any form of investing carries a high level of risk to your capital. It is recommended that you seek professional advice prior to implementing any investment or financial plan.

We do not ask you for your Cryptocurrency / We do not hold your Coins / We do not ask for Private Keys / Be aware of scammers and imposters.

Contact us only through: