One of the largest global payment companies, Visa, has introduced a “Universal Payment Channel” (UPC) that utilizes the blockchain interoperability concept to enable the easy transfer of cryptocurrencies, stablecoins, and central bank digital currencies (CBDC).
According to the announcement by the payment firm, its research and product teams have developed a “universal adapter” among blockchains that allows central banks, businesses, and consumers to transfer different digital currencies.
In the last 24 hours, bitcoin is up by 2.82%, with a current price of $43,142.42 as at the time of writing this. Within 24 hours, bitcoin dropped to $40,910.70 low and $43,822 high. The trading volume of bitcoin in the last 24 hours is $983.95M. The current market capitalization of bitcoin is $814.06B. Currently, $18.82M bitcoins is in circulation.
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The UPC hub concept that emerged would connect different blockchain networks by establishing dedicated payment channels between them — whether that means connecting CBDC networks between countries or connecting CBDC networks with vetted private stablecoin networks. New, trusted blockchains could easily be added to the network of networks by creating new payment channels within the UPC hub, the statement read.
Visa stated that it is positioning and creating a platform for the disruption that is already happening in the finance space, which will see to central banks of countries introducing CBDCs and digital currency networks increasing.
Therefore, through UPC, Visa is creating a platform where various CBDCs users will experience ‘a great consumer experience and widespread merchant acceptance’ and ‘the ability to make and receive payments, regardless of currency, channel, or form factor.’