Visa Collaborates with Ethereum's Consensys to Revolutionize CBDCs

Financial services giant Visa has partnered with blockchain firm Consensys to work on infrastructure for central bank digital currencies (CBDCs). This groundbreaking collaboration aims to bridge the gap between traditional finance and the emerging world of digital currencies.

Visa (V) announced it's taking its crypto services to the next level by teaming with blockchain software company Consensys to create a central bank digital currency onramp. This partnership is focused on developing the essential infrastructure needed for the seamless integration of CBDCs into the existing financial ecosystem.

International payment services company Visa has partnered with software tech firm Consensys to create on-ramp tech for Central Bank Digital Currencies (CBDCs). Visa is in the process of integrating its module with the ConsensSys Codefi CBDC sandbox, which is powered by ConsensSys Quorum, an open-source version of Ethereum.

The Visa is partnering with Consensys, a blockchain technology company, to develop new infrastructure that can help central banks and traditional financial institutions embrace CBDCs. The new Visa and ConsenSys tech will be able to plug into existing payments modules, meaning companies will be able to integrate infrastructure to issue things like digital currencies with greater ease and efficiency.

Payments giant Visa has teamed up with Ethereum scaling firm ConsenSys to help central bank digital currency (CBDC) networks bridge the gap with traditional financial institutions. Visa and Consensys will utilize a “two-tier” distribution system for CBDCs where central banks can use Quorom to set the coin’s monetary attributes, and then use existing financial rails for distribution.

This collaboration between Visa and Consensys signifies a major step forward in the adoption and integration of CBDCs, potentially transforming the future of finance.