Copy link to post
Global payments giant Visa signaled its stronger, sustained interest in crypto, releasing a paper outlining how the firm could one day collaborate with the Ethereum network on automatic payments.
The paper, sparked by an internal company hackathon, details how Ethereum users could—with support from Visa—schedule auto-payments sent from self-custodial crypto wallets.
This capability is not yet possible on the Ethereum mainnet, but would be enabled by a popular Ethereum proposal called “Account Abstraction.”
“We want to have an opportunity to actively contribute to technical developments happening in the crypto ecosystem,” said Catherine Gu, Visa’s Head of Central Bank Digital Currency and Protocols.
“The best way to do that is learning by doing—actually getting deeper into Web3 infrastructures and blockchain protocols, areas I think are going to be really important for payments, said Gu.
“This technology is very nascent right now, but there could be something there down the road. A lot of research needs to be done around fundamental aspects important for payments, like security and scalability.”
“From a payments standpoint, most blockchain networks are not yet scalable enough to process transactions at a really high speed in a secure and trusted way.”
“It's very important to figure out what's the signal and what's the noise. We're taking a much longer-term perspective on this technology. It may have real utility, and that’s why we’re here: to invest more, to do research,” Gu said.
#abstraction5 #selfcustody1 #collaboration6 #selfcustody0 #abstraction9 #selfcustody6 #collaboration #abstraction4 #developments2 #blockchain #abstraction0 #selfcustody8 #collaboration5 #developments1 #abstraction3 #abstraction8 #developments0 #abstraction7 #developments9 #developments8 #collaboration4 #collaboration3 #developments7 #collaboration9 #selfcustody5 #collaboration2 #selfcustody #abstraction2 #developments6 #cryptocurrency #abstraction #collaboration8 #developments5 #capability #selfcustody7 #contribute #collaboration1 #developments #collaboration0 #catherine #selfcustody9 #selfcustody4 #developments4 #selfcustody3 #developments3 #collaboration7 #protocols #selfcustody2 #abstraction6 #abstraction1
https://youtu.be/sJ78LLgywZg Read more
The paper, sparked by an internal company hackathon, details how Ethereum users could—with support from Visa—schedule auto-payments sent from self-custodial crypto wallets.
This capability is not yet possible on the Ethereum mainnet, but would be enabled by a popular Ethereum proposal called “Account Abstraction.”
“We want to have an opportunity to actively contribute to technical developments happening in the crypto ecosystem,” said Catherine Gu, Visa’s Head of Central Bank Digital Currency and Protocols.
“The best way to do that is learning by doing—actually getting deeper into Web3 infrastructures and blockchain protocols, areas I think are going to be really important for payments, said Gu.
“This technology is very nascent right now, but there could be something there down the road. A lot of research needs to be done around fundamental aspects important for payments, like security and scalability.”
“From a payments standpoint, most blockchain networks are not yet scalable enough to process transactions at a really high speed in a secure and trusted way.”
“It's very important to figure out what's the signal and what's the noise. We're taking a much longer-term perspective on this technology. It may have real utility, and that’s why we’re here: to invest more, to do research,” Gu said.
#abstraction5 #selfcustody1 #collaboration6 #selfcustody0 #abstraction9 #selfcustody6 #collaboration #abstraction4 #developments2 #blockchain #abstraction0 #selfcustody8 #collaboration5 #developments1 #abstraction3 #abstraction8 #developments0 #abstraction7 #developments9 #developments8 #collaboration4 #collaboration3 #developments7 #collaboration9 #selfcustody5 #collaboration2 #selfcustody #abstraction2 #developments6 #cryptocurrency #abstraction #collaboration8 #developments5 #capability #selfcustody7 #contribute #collaboration1 #developments #collaboration0 #catherine #selfcustody9 #selfcustody4 #developments4 #selfcustody3 #developments3 #collaboration7 #protocols #selfcustody2 #abstraction6 #abstraction1
https://youtu.be/sJ78LLgywZg Read more
Visa TEASES Ethereum Collab! Aims to ‘Actively Contribute’ to Crypto Development. #Shorts
Global payments giant Visa signaled its stronger, sustained interest in crypto, releasing a paper outlining how the firm could one day collaborate ...
Return to Updates
More Updates From Bruce
Upvoted by Angel
Upvoted by 1
Bruce B.
Oct 3, 2023
Did you know you can now link your video shorts to a long form version of the content, or a landing page?
Bruce B.
Oct 3, 2023
Did you know you can now link your video shorts to a long form version of the content, or a landing page?
Bruce B.
Sep 7, 2023
If you are releasing a new book, unveiling a new product, developing a new brand, or have reached a company milestone -
Upvoted by Angel
Upvoted by 1
Bruce B.
Sep 4, 2023
If you need digital content for your online business, or promotional materials for your brick and mortar business I can help & need the work.
