Visa Set to Introduce Tokenized Asset Platform by 2025
Visa, the leading company in the banking payments sector, is working on a solution to tokenize traditional assets on the blockchain. The Visa Tokenized Asset Platform (VTAP), a platform for creating tokens on Ethereum, was announced in a report published on October 3, 2024.
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Visa, the leading company in the banking payments sector, is working on a solution to tokenize traditional assets on the blockchain. The Visa Tokenized Asset Platform (VTAP), a platform for creating tokens on Ethereum, was announced in a report published on October 3, 2024.
VTAP is a B2B solution aimed at deploying tokenized versions of fiat currencies, such as the dollar or euro, on the blockchain. Banks are expected to be the primary users, leveraging these assets for transfers as well as for purchasing tokenized goods or treasury bonds.
Currently in testing, VTAP is being trialed by BBVA (Banco Bilbao Vizcaya Argentaria), one of Spain’s largest banks. The public launch is planned for 2025.
Banco Bilbao Vizcaya Argentaria building. Source: wikipedia.org
VTAP is designed for seamless integration: banks can access the full suite of VTAP services through an API. Visa has also noted the expanding tokenized asset ecosystem and plans to ensure that tokens created via VTAP will be interoperable across various blockchains and solutions.
Read also: What Are Tokenized Stocks and How Are They Different from Traditional Shares?
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