Visa Unveils Platform to Revolutionize Tokenized Banking
Visa has introduced the Visa Tokenized Asset Platform (VTAP), aiming to help financial institutions issue and experiment with fiat-backed tokens.
This initiative is designed to enable banks to leverage blockchain technology for tokenizing various real-world assets, including real estate and debt instruments.
In a recent development, Spanish bank BBVA has begun utilizing the VTAP sandbox as part of its strategy to enhance banking operations through blockchain. The bank plans to pilot token issuance and management on the Ethereum blockchain by 2025, focusing on a secure and regulated environment.
The collaboration between Visa and BBVA highlights how decentralized technologies can streamline traditional banking processes by allowing tokenized bank deposits and assets. This effort aims to establish a standardized framework for interactions among financial entities, facilitating seamless cash flows and asset trading.
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Additionally, the platform is set to grant financial institutions greater access to on-chain capital markets, potentially improving liquidity and investment opportunities. Visa’s Head of Crypto, Cuy Sheffield, emphasized the platform’s potential to diversify trading options for tokenized assets and noted that central banks are increasingly interested in tokenization’s impact on finance.
In parallel, Visa has partnered with Singapore’s dtcpay to expand its crypto payments network, simplifying cross-border transactions for users while enhancing security.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
