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Tokenization: from Visa a platform to serve banks
By Davide Grammatica
Visa has launched a new platform to make it easier for financial institutions to issue tokenized assets and create new use cases
Visa's new plan
Payments giant Visa, as reported in the last hour by Blockworks, has reportedly launched a new platform to serve various financial institutions to facilitate them in new operations related to the “tokenization” of assets.
This would aim to facilitateinteroperability between different banks globally, creating a standard that could be functional in the adoption of blockchain technology and the creation of new use cases.
The first problem that would be solved, according to Cuy Sheffield, head of the crypto compartment at Visa, would be the lack of liquidity to exchange precisely these tokenized assets (from real estate to debt securities). For this, banks would need to be able to bring new forms of money onto platforms for trading.
“We believe that for banks to issue their own fiat-backed tokens on blockchain represents a significant opportunity,” Sheffield said. “More importantly, doing it in a regulated way, allowing customers to safely participate in these markets.”
TradFi sees more and more blockchain
Among the players involved in the project, Banco Bilbao Vizcaya Argentaria (BBVA) has taken a leading role. The bank is already working with the payments giant on the creation of the new Visa Tokenized Asset Platform (VTAP), and it reportedly plans to launch a pilot project on Ethereum focused on the transfer and redemption of a bank token on a blockchain.
The goals of this project are many, but in particular, developments in the area of cross-border payments seem to be of interest to banks. Indeed, the blockchain could enable banks to track money movements in real time, 24/7, in a much simpler way than is now the case, and this seems to be of particular curiosity to multinational entities.
In turn, the interaction with tokenized assets could create new demand in the marketplace, with customers of these financial entities driven to use new tokens (stablecoin or otherwise) to purchase new assets.
