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Visa has launched the Visa Tokenized Asset Platform (VTAP), a caller inaugural to assistance banks contented fiat-backed tokens connected blockchain networks.
On Oct. 3, the integer outgo elephantine announced that VTAP is present accessible done its Developer Platform. This enables participating institutions to make and trial integer assets similar stablecoins and Central Bank Digital Currencies (CBDCs).
Currently, the level operates successful a sandbox environment, but Visa plans to marque it disposable for unrecorded usage by 2025.
VTAP
Visa described VTAP arsenic a mode to use its cognition of emerging technologies, including astute contracts, to assistance banks successful offering blockchain services. The institution plans to widen this solution to its planetary web of implicit 15,000 clients successful much than 200 countries.
VTAP is designed to supply Visa’s organization clients with an end-to-end infrastructure for securely minting, transferring, and settling integer plus transactions connected some nationalist and backstage blockchains.
According to Visa, VTAP volition let banks to usage their fiat-backed tokens wrong smart contracts. This would assistance automate existing workflows and facilitate the speech of caller types of real-world assets.
Vanessa Colella, Visa’s planetary caput of innovation and integer partnerships, said that VTAP would thrust organization adoption of blockchain technology. She added:
“We’re excited to leverage our acquisition with tokenization to assistance banks integrate blockchain technologies into their operations.”
BBVA’s pilot
According to the property statement, Banco Bilbao Vizcaya Argentaria (BBVA) is 1 of the aboriginal adopters of VTAP.
BBVA has been investigating the platform’s captious functionalities successful the sandbox this year. These tests see the issuance, transfer, and redemption of a slope token connected a testnet blockchain, on with interactions with astute contracts.
The steadfast plans to motorboat a unrecorded aviator connected the Ethereum blockchain with prime customers successful 2025.
Francisco Maroto, BBVA’s Head of Blockchain and Digital Assets, emphasized that exploring blockchain’s imaginable volition assistance the slope grow its services and present caller fiscal solutions.
The station Visa to motorboat unrecorded level to assistance banks contented integer tokens successful 2025 appeared archetypal connected CryptoSlate.
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