Visa Launches Tokenization Platform Integrated with Drex

During the Visa Day 2024 event, the Visa team officially presented the newest technological solution: the Visa Tokenized Asset Platform (VTAP).

The platform is designed to enable companies to tokenize assets, contracts and credentials. Fernando Amaral, vice president of Solutions and Innovation at Visa in Brazil, led the announcement and highlighted the system’s initial integration with Drex, the central bank’s digital currency.

Amaral explained that VTAP is already being used in tests within a consortium formed with XP. The initial focus is to optimize the foreign exchange market, especially in operations between the real and other sovereign currencies.

Thus, this integration seeks to provide greater efficiency, transparency and risk controls, in addition to enabling foreign exchange negotiations 24 hours a day, seven days a week.

Visa and Tokenization in the Financial Market

One of the great advances of VTAP is the possibility of registering exchange contracts directly on the blockchain, ensuring compliance with all the conditions of a transaction.

Additionally, the platform supports the tokenization of a wide range of assets, from banking contracts and receivables to the purchase of goods such as vehicles.

“We are seeing a transformation happening in several countries, and Brazil is at the center of it with Drex. The world will be tokenized, and we are preparing for this with interoperable and flexible solutions.”

Technology and interoperability

VTAP operates with two main frameworks. The first is asset tokenization, which uses smart contracts and blockchain to create programmable tokens.

Thus, the second is interoperability, allowing the integration of tokenized assets into different blockchain networks and traditional payment systems, such as PIX. Thus, according to Visa, this flexibility expands the possibilities of using the platform.

“Interoperability is essential in this model. We want to connect different networks, currencies and solutions to meet all possible needs,” Amaral highlighted.

Visa also revealed that VTAP uses a permissioned blockchain compatible with the Ethereum Virtual Machine (EVM). Through simplified APIs, the platform offers an integrated custody solution to facilitate token creation and management.

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Margharet Tess

Editor, Developer at Cryptheory Labs

I have been active in the cryptocurrency world for over 6 years, during which I have written countless articles about this sector. What fascinates me most about cryptocurrencies is their technological aspect and the problems they aim to solve. In the past three years, I have ventured into app development and am currently working on a larger project called P2E Buzzer. Stay tuned for the surprise. 🙂 My previous experiences: Business2Community.com, TradingPlatforms.com

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