As a seasoned researcher with a keen interest in blockchain technology and digital payments, I find Visa’s introduction of the Visa Tokenized Asset Platform (VTAP) truly intriguing. With my past experiences working with both traditional financial institutions and emerging blockchain networks, I appreciate the potential this product holds for bridging the gap between the two worlds.
Visa has launched a novel product, the Visa Tokenized Asset Platform (VTAP), which aims to significantly change how banks interact with blockchain technology. This innovative platform enables financial institutions to create digital tokens backed by real fiat currency on various blockchain networks. Essentially, VTAP is designed to effortlessly connect traditional fiat money with the fast-growing world of blockchain-based assets.
As stated by Visa, VTAP (Visa Tokenized Accounts Playground) provides a secure and streamlined method for banks to issue, redeem, and transfer fiat-backed digital tokens, such as tokenized deposits and stablecoins. This new product marks one of Visa’s recent initiatives to further develop digital payment solutions by capitalizing on blockchain advancements. The platform can be accessed through the Visa Developer Platform, enabling partnering financial institutions to explore and evaluate their own fiat-backed tokens within a testing ground or sandbox environment.
Visa’s announcement underscores its extensive global presence, serving approximately 15,000 financial institutions across more than 200 countries and territories through its payment solutions. With the introduction of VTAP (Visa’s B2B Connect), Visa is extending its knowledge in digital transactions to blockchain technology, offering banks means to incorporate blockchain tech into their existing infrastructure. Visa describes this new tool as enabling programmability, empowering banks to implement smart contracts and automate processes for various financial tasks.
One important aspect that Visa emphasizes about VTAP is its ability to work seamlessly with both private and public blockchains. This means that Visa’s platform facilitates bank interaction with numerous blockchain environments using just one API link, thereby simplifying their management of digital assets. Visa underlined the significance of interoperability in promoting widespread adoption of tokenized assets, with VTAP acting as a conduit between various blockchain networks.
Visa announced that BBVA has been actively experimenting with VTAP features within its testing environment. As mentioned in the press statement, BBVA has employed VTAP to issue, transfer, and cash out bank tokens on a simulated blockchain network. The bank intends to launch a live trial in 2025, prioritizing Ethereum as their preferred platform for developing and administering fiat-backed tokens.
Read More
- TRX PREDICTION. TRX cryptocurrency
- PEOPLE PREDICTION. PEOPLE cryptocurrency
- ZRO PREDICTION. ZRO cryptocurrency
- Industry Insider Claims that Beau DeMayo Was Actually Fired For Sexual Misconduct on the Set of ‘X-Men ’97’
- GBP USD PREDICTION
- KINE PREDICTION. KINE cryptocurrency
- Cryptocurrency Whale Nets $15.5 Million in Little Over a Year Selling Wrapped Bitcoin
- Tim Burton Reveals Alec Baldwin And Geena Davis Didn’t Join As Returning Stars In Beetlejuice 2 For THIS Reason
- Johnathon Schaech Thanks That Thing You Do Costar Tom Hanks For Giving Him ‘Incredible Work Ethic’
- AQUA PREDICTION. AQUA cryptocurrency
2024-10-03 16:18