The global payment giant Visa has unveiled a project aimed at becoming a “global adapter” for blockchain networks that can connect multiple cryptocurrencies, stack coins and central bank digital currencies (CBDCs).
According to an official announcement on Thursday, the Visa research group is working on the Universal Payment Channel (UPC) initiative, a blockchain interoperability center that connects multiple blockchain networks and allows digital assets to be transferred across multiple protocols and wallets.
“Imagine sharing a check with your friends when everyone at the table spends different types of money – some use bank-based digital currencies like Sweden’s eKrona, while others prefer private stack coins like USDC,” Visa wrote, adding that this tool “can be a real trapped ‘into the’ not so distant future ‘with the UPC project.
The UPC project was developed by Visa’s research and product team, and is designed to create dedicated payment channels between different blockchain networks, connect CBDCs between countries and connect CBDCs to private stablecoin networks.
The Visa research team began working on the UPC concept back in 2018, to develop a sharing framework that works independently of the underlying blockchain mechanisms.
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“Ultimately, the UPC solution aims to act as a network of blockchain networks, adding value to the many forms of cash flow, whether they occur in or outside the Visa network,” the announcement said.
Visa, one of the largest payment companies in the world, has taken a leap forward in the cryptocurrency industry by 2020 by partnering with blockchain company Circle to support US dollar stablecoin (USDC) on certain credit cards. Since then, the company has reaffirmed its commitment to crypto and fiat payments, focusing on the integration of stablecoin.
