Visa's platform "VTAP" aims to transition from existing financial infrastructure to a digital system that utilizes blockchain.
Participating banks, such as Spanish bank giant BBVA, are already conducting tests and plan to launch pilots on the Ethereum blockchain in 2025.
According to overseas reports, the tokenization platform uses Ethereum (ETH). Visa has also announced that it will use the cryptocurrency in Hong Kong for cross-border payments of tokenized securities.
Visa sees real-time remittances and cross-border payments as key use cases for fiat-backed tokens, while banks are looking to use tokenized deposits in the future.
These tokens can be used to smoothly transfer funds between clients. By using blockchain, banks can provide their customers with seamless funds transfers 24 hours a day.
Visa is helping banks offer their customers blockchain-powered solutions by using these tokens to buy tokenized products and government bonds.
However, challenges remain with the fragmentation of tokenization platforms. Financial institutions are faced with a variety of publicly available tokens depending on their use cases and regulatory environments.
To address these challenges, Visa has launched a global initiative to develop blockchain-based financial services.
It strives to promote standards and enable financial institutions to operate efficiently across different blockchain networks.
2024/09/27 10:53 KST
Copyright(C) BlockchainToday wowkorea.jp 117