","button_title":"Play-to-Earn Game List","span_one":"No obligations","span_two":"Free to use"}},"header":{"homepage":"Homepage","Game Reviews":"Game Reviews","Game List":"Game List","Developers":"Developers","Developer List":"Developer List","Gaming News":"Gaming News","search":"Search","local":"en","Popular P2E Developers":"Popular P2E Developers","Play To Earn Games":"Play To Earn Games","P2E Games":"P2E Games","Crypto Games":"Crypto Games","Web3 Games":"Web3 Games"},"meta":{"title":"Games to Earn, Blockchain, NFT, P2E Games List","description":"Play hundreds of games! Games to Earn, P2E, Blockchain, NFT, Crypto, Web3 Games. Read game reviews and start playing right away. Play now!","ogType":"article","keywords":"NFT Games, Crypto Games, Earning Games, Earning Games, Blockchain Games, P2E Games"}}},"initialLocale":"fr","ns":["news_letter","singleNews","singleGame","footer","common","header","meta"],"userConfig":{"i18n":{"locales":["en","hi","fr","es","de","pt","nl","tr"],"localeDetection":false,"defaultLocale":"en","domains":[{"domain":"playtoearngames.com","defaultLocale":"en"},{"domain":"hi.playtoearngames.com","defaultLocale":"hi","locales":["hi-IN"]},{"domain":"fr.playtoearngames.com","defaultLocale":"fr","locales":["fr-BE","fr-CA"]},{"domain":"es.playtoearngames.com","defaultLocale":"es","locales":["es-GT","es-MX"]},{"domain":"pt.playtoearngames.com","defaultLocale":"pt","locales":["pt-BR"]},{"domain":"de.playtoearngames.com","defaultLocale":"de","locales":["de","de-DE","de-AT","de-CH"]},{"domain":"nl.playtoearngames.com","defaultLocale":"nl","locales":["nl-BE"]},{"domain":"tr.playtoearngames.com","defaultLocale":"tr"}]},"trailingSlash":true,"default":{"i18n":{"locales":["en","hi","fr","es","de","pt","nl","tr"],"localeDetection":false,"defaultLocale":"en","domains":[{"domain":"playtoearngames.com","defaultLocale":"en"},{"domain":"hi.playtoearngames.com","defaultLocale":"hi","locales":["hi-IN"]},{"domain":"fr.playtoearngames.com","defaultLocale":"fr","locales":["fr-BE","fr-CA"]},{"domain":"es.playtoearngames.com","defaultLocale":"es","locales":["es-GT","es-MX"]},{"domain":"pt.playtoearngames.com","defaultLocale":"pt","locales":["pt-BR"]},{"domain":"de.playtoearngames.com","defaultLocale":"de","locales":["de","de-DE","de-AT","de-CH"]},{"domain":"nl.playtoearngames.com","defaultLocale":"nl","locales":["nl-BE"]},{"domain":"tr.playtoearngames.com","defaultLocale":"tr"}]},"trailingSlash":true}}}}Visa Debuts VTAP: Fiat Tokens Transform ETH Ecosystem - Play to Earn Games News
Visa Debuts VTAP: Fiat Tokens Transform ETH Ecosystem
Reinout te Brake | 30 Sep 2024 11:09 UTC
As the Digital landscape continues to evolve, major players in the Payment processing industry are seeking innovative ways to integrate traditional finance with groundbreaking DigitalTechnology. Visa, a leading Payment processing platform, has recently unveiled its Visa Tokenized Asset Platform (VTAP), a pioneering initiative designed to enable banks to issue fiat-backed tokens leveraging the Ethereum network. This move indicates a significant shift in Visa's strategy, highlighting its readiness to dive deeper into the world of blockchainTechnology and crypto-based applications.
The introduction of the Visa Tokenized Asset Platform marks a watershed moment for the financial sector, marrying the reliability of traditional Banking with the efficiency and Security of blockchainTechnology. By facilitating the issuance of fiat-backed tokens on the Ethereum network, VTAP aims to provide a scalable and secure framework for financial institutions to digitize real-world assets (RWAs). This digitization encompasses a broad spectrum of assets, including commodities and financial instruments, paving the way for more efficient and instant settlement processes.
Enhancing Settlement Speed and Efficiency
One of the primary benefits of VTAP is its potential to drastically improve the speed and efficiency of settling real-world assets. Through the Tokenization of these assets, banks and other financial institutions can automate and streamline the Exchange process, allowing for near-real-time settlement. This represents a significant leap forward from the traditional, often cumbersome, settlement mechanisms currently in use.
The trend of tokenizing real-world assets is gaining momentum within the cryptocurrency community, with several projects demonstrating their capabilities in this area. Platforms like Polygon, Tezos, FLOW, and Algorand have already showcased their Tokenization expertise. Visa's decision to leverage Ethereum for its VTAP platform is timely, providing a trusted and robust environment for banks to venture into the DigitalToken issuance space. This strategic move not only bridges the gap between conventional finance and DecentralizedTechnology but also reinforces Ethereum's position as a leading blockchain for such innovative applications.
BBVA Leads the Way with VTAP Implementation
Among the first institutions to embrace Visa's VTAP is the Spanish Banking powerhouse, BBVA. With plans to launch a live pilot of the platform in 2025, BBVA is setting the stage for what could become the standard approach for banks operating within blockchain ecosystems. This pilot program is expected to focus on the issuance and trading of tokenized RWAs, offering valuable insights into the operational and functional benefits of blockchainTechnology in the traditional Banking sector.
The venture into tokenized fiat-backed assets on Ethereum is part of Visa's broader strategy to solidify its role in the Digital asset space. Having explored blockchain applications for several years, Visa's commitment to integrating cryptocurrency into its operations became evident in March 2021, when it began processing Payments in the stablecoin USDC on the Ethereum network. This move made Visa one of the first major Payment processors to formally adopt cryptocurrency, signaling a significant shift in the industry's approach to DigitalPayments.
In conclusion, Visa's launch of VTAP is indicative of the evolving relationship between traditional financial institutions and blockchainTechnology. By enabling the issuance of fiat-backed tokens on the Ethereum network, VTAP not only opens up new avenues for digitizing real-world assets but also underscores the growing importance of blockchainTechnology in shaping the future of finance. As institutions like BBVA begin to implement these technologies, the potential for more efficient, secure, and innovative financial processes becomes increasingly evident, marking a new chapter in the convergence of traditional Banking and DigitalInnovation.