Is Visa preparing a crypto revolution for banks thanks to VTAP?

Visa is wasting no time when it comes to revolutionizing the crypto industry. With its latest tokenization initiative, the company is working hard to integrate blockchain into the banking sector. This time, it hits hard with its VTAP platform, aiming to help banks issue tokens backed by fiat currencies. The objective: large-scale adoption from 2025, in partnership with players like BBVA who are banking on Ethereum for deployment.

pro-crypto Visa helps banks issue tokens

Visa is not just a payments giant, it is now a major player in the world of crypto, and it wants to democratize Ethereum. With the launch of its Visa Tokenized Asset Platform (VTAP)the company takes a giant step towardsblockchain banking integration.

In practice, this platform will allow banks to create, transfer and exchange digital assets backed by fiat currenciesall on public and private blockchains.

The idea is simple: allow banks to use these tokens in smart contracts, which could considerably automate current banking processes.

• Visa expects VTAP to be fully functional in 2025;
• More than 15,000 institutional clients in 200 countries are targeted;
• The market for tokenized assets is expected to exceed billions of dollars by then.

For Vanessa Colella, the global head of innovation at Visa, “ integrating blockchain into banking operations could well be the next big technological shift. »

And clearly, Visa intends to be at the forefront of this transition.

Blockchain Ethereum, the key for BBVA

Visa is not alone in this adventure. BBVAone of the first banks to test the VTAP platformplans to extend the use of these technologies to its own customers. Currently, the bank carries out testing in a sandbox environmentwhere it issues, transfers and redeems tokens on a test blockchain.

But the real change will come in 2025, when BBVA plans to launch its pilot on the Ethereum blockchain (ETH), a crucial step to explore new financial solutions.

The interest in Ethereum does not stop there. Francisco Maroto, head of digital assets at BBVA, believes that this blockchain will play a central role in the expansion of the bank's financial services.

One of the objectives of this initiative is to exploit smart contracts to automate certain tasksthereby reducing costs while increasing efficiency. Ethereum could well become the backbone of tomorrow's banking.

Already last December, experts predicted that the tokenization of real assets would propel Ethereum into 2024. With billions of dollars at stake, these assets promise to open up new financial perspectives.