Visa Tokenized Asset Platform Launched to Promote Blockchain Networks
Key Points:
- Visa launched the Visa Tokenized Asset Platform (VTAP) to help banks issue fiat-backed tokens and explore their use on blockchain networks.
- Visa has been involved in several tokenization pilots, including collaborations with HSBC, the Central Bank of Brazil, and Spain’s BBVA, to modernize financial infrastructure.
According to Blockworks, Visa has introduced the Visa Tokenized Asset Platform, which is intended to support financial institutions in issuing tokens backed with fiat and testing their pragmatic uses.
Read more: How To Buy Bitcoin With Visa Gift Cards
Visa Tokenized Asset Platform for Fiat-Backed Tokens Unveiled
Visa Tokenized Asset Platform is part of the company’s broader strategy of developing global standards that enable banks to collaborate, Visa executives said.
With more and more real-world assets such as real estate and debt securities being brought onto the blockchain, the need is growing for fiat-backed tokens to settle those trades. Visa has followed closely the different tokenization efforts of central banks with respect to their potential to transform the world of finance.
In 2022, Visa partnered with HSBC and Hang Seng Bank in a pilot program for the Hong Kong Monetary Authority’s Digital Hong Kong Dollar project. The project focused on emulating interbank business-to-business payments, including property payment settlements.
Widening Crypto Payments: Visa’s Deals and Innovations
Visa’s work with tokenization does not stop with Hong Kong. Last year, the Central Bank of Brazil selected Visa to participate in a pilot of its central bank digital currency. This year, Spain’s Banco Bilbao Vizcaya Argentaria has tested the Visa Tokenized Asset Platform sandbox with a view to further blockchain applications.
Visa’s blockchain-related efforts continue to expand. In early this September, Latin American cryptocurrency exchange Ripio began piloting a Visa credit card tied to a DeFi liquidity pool. In addition, Visa joined with Singapore-based Dtcpay to extend crypto payments. The integration will ensure exposure to over 130 million merchants worldwide, and the ‘dctpay Visa Infinite’ card is going live soon.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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Visa Tokenized Asset Platform Launched to Promote Blockchain Networks
Key Points:
- Visa launched the Visa Tokenized Asset Platform (VTAP) to help banks issue fiat-backed tokens and explore their use on blockchain networks.
- Visa has been involved in several tokenization pilots, including collaborations with HSBC, the Central Bank of Brazil, and Spain’s BBVA, to modernize financial infrastructure.
According to Blockworks, Visa has introduced the Visa Tokenized Asset Platform, which is intended to support financial institutions in issuing tokens backed with fiat and testing their pragmatic uses.
Read more: How To Buy Bitcoin With Visa Gift Cards
Visa Tokenized Asset Platform for Fiat-Backed Tokens Unveiled
Visa Tokenized Asset Platform is part of the company’s broader strategy of developing global standards that enable banks to collaborate, Visa executives said.
With more and more real-world assets such as real estate and debt securities being brought onto the blockchain, the need is growing for fiat-backed tokens to settle those trades. Visa has followed closely the different tokenization efforts of central banks with respect to their potential to transform the world of finance.
In 2022, Visa partnered with HSBC and Hang Seng Bank in a pilot program for the Hong Kong Monetary Authority’s Digital Hong Kong Dollar project. The project focused on emulating interbank business-to-business payments, including property payment settlements.
Widening Crypto Payments: Visa’s Deals and Innovations
Visa’s work with tokenization does not stop with Hong Kong. Last year, the Central Bank of Brazil selected Visa to participate in a pilot of its central bank digital currency. This year, Spain’s Banco Bilbao Vizcaya Argentaria has tested the Visa Tokenized Asset Platform sandbox with a view to further blockchain applications.
Visa’s blockchain-related efforts continue to expand. In early this September, Latin American cryptocurrency exchange Ripio began piloting a Visa credit card tied to a DeFi liquidity pool. In addition, Visa joined with Singapore-based Dtcpay to extend crypto payments. The integration will ensure exposure to over 130 million merchants worldwide, and the ‘dctpay Visa Infinite’ card is going live soon.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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