Visa to support blockchain and digital currency networks for customers
Category: #technology |   By Pankaj Singh |   Date: 2020-07-27

Visa to support blockchain and digital currency networks for customers

Blockchain technology, and the secure payments systems it promises, is gradually being supported by traditional banking institutions and financial solution providers. Visa, the global financial services company, has indicated its support towards blockchain and digital currency in a recent blog post on its website.

The post, “Advancing our approach to digital currency”, communicates the aim of Visa to explore various ways the company can assist legacy establishments with the integration of blockchain-based systems and digital payments solutions.

Visa would be mainly trying to connect its networks of financial organizations, merchants and consumers to the latest blockchain and currency networks. The firm is planning to achieve this by helping the financial institutions, merchants and consumers implement any infrastructure they would require to be compatible with blockchain as well as digital payments and currencies that are in demand.

The blog informs that at the present, the research team at Visa is seeking ways to enhance blockchain scalability, along with ways to facilitate off-chain transactions (Layer 2 solutions).

Also Read: Verizon joins forces with Microsoft to surge IoT solution development

According to Visa’s post, in terms of security the company will be focusing towards data protection, full compliance with any applicable laws and consumer privacy and fairness. Visa also assures that it will stay “currency- and network-agnostic” by offering support to blockchain and digital currency networks which are in demand.

The announcement from Visa has followed the statement from The United States Office of the Comptroller of the Currency, which said that national savings banks as well as federal savings associations are now permitted to custody their clients’ digital currency. It has become the second such announcement from a leading legacy financial services company regarding the support for blockchain technology and digital currency ecosystem.

Visa said in the post that the company has a deep expertise in terms of securing transaction data, maintaining an always-on network through continuous availability and working with diverse stakeholders. It will pursue any project which could enable the company to apply this expertise towards new technology and networks having the potential to benefit their existing partners and clients.

 

Source Credits: https://coingeek.com/visa-wants-to-advance-blockchain-and-digital-currency-approach/

  • shareShare
  • Twitter
  • Facebook
  • LinkedIn


About Author

Pankaj Singh     Twitter

Pankaj Singh

With a commendable experience of content creation under his belt, Pankaj Singh, a qualified Post Graduate in Management, boasts of having worked as a freelance writer and an insurance underwriter. Additionally, Pankaj has also enriched his qualification portfolio with Read more...

More News By Pankaj Singh

Oracle Prepared to Assist Canadian Banks with Open Banking Transition

Oracle Prepared to Assist Canadian Banks with Open Banking Transition

By Pankaj Singh

The American tech giant Oracle has reportedly expressed its readiness to assist Canadian banks with their open banking requirements, offering necessary tools as needed once the country decides to make this service available. Sonny Singh, the Execu...

Goldman Sachs explores sale options for its fintech unit GreenSky

Goldman Sachs explores sale options for its fintech unit GreenSky

By Pankaj Singh

GreenSky was bought by Goldman Sachs in 2021 for USD 2.24 billion stock deal. Goldman Sachs quotes GreenSky as ‘good business’. Goldman cites itself not best suited to lead the fintech in long run . In the recent turn of event...

Tesla ordered to pay ex-employee over $3.2 Mn in damages over racism case

Tesla ordered to pay ex-employee over $3.2 Mn in damages over racism case

By Pankaj Singh

Electric car manufacturer, Tesla, has reportedly been ordered by a federal jury to pay more than USD 3.2 million in damages to a former worker, following his win in a racial harassment suit. Owen Diaz, who worked as a lift operator at the firm’...