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United States’ payment monster Visa has started a cross-border payment network acquired from some aspects of blockchain technology, Reuters reports June 11.
The system, called “Visa B2B Connect,” is created to facilitate international payments made by global financial operations by enabling direct interbanking transactions within businesses and beneficiaries.
According to the report, the network already covers 30 trade channels global to enable faster and cheaper cross-border payments and is supposed to expand to 90 markets by the end of 2019.
Visa B2B Connect is partially based on blockchain technology, including elements of Hyperledger, the open source distributed ledger technology (DLT) developed by a group led by the Linux Foundation, the report notes.
Perfectly, several aspects of blockchain tech were reportedly used due to its capability to transfer more data on payment than any existing payment system, global head of Visa Business Solutions Kevin Phalen said in the report.
The new network is a result of collaboration with tech global giant IBM, as well as e-payment operator Bottomline Technologies and fintech firm FIS. In order to develop the product, Visa was reportedly initially working with cryptographic ledger systems builder Chain.
Recently, Visa also partnered with the fintech operator of Japanese messaging app LINE — LINE Pay Corporation — to produce new blockchain and digital payments solutions.
Beginning this year, software startup DataLight released a report claiming that bitcoin (BTC) has the potential to replace global payment methods such as Visa and MasterCard within ten years.
With Bitcoin's price going above USD 8,000 and causing vast amounts of hype in the society, the internet has been a humor-generating device recently. And then the market crashed on Friday, but jokes remained as everyone believes we're still in an uptrend. Anyway, as everyone is playing professional analyst (as always,) we've collected some of the unusual predictions, as well as some other great stuff we stumbled across, for your enjoyment.
The week started with Binance clients looking for profit, Bitcoin jumped above USD 8,000, and eBay said they did not intend to accept crypto. Bitfinex, apparently, raised USD 1 billion in a private sellout, Microsoft announced the launch of infrastructure on top of the Bitcoin network, and you can now shop using crypto much quicker. Samsung confirmed more blockchain-related services on future phones, the industry is fighting against G20, and HTC Exodus added new functionalities to their phone. Binance continued the business, a crypto millionaire wants you to trust in crypto - and so does legendary investor Mark Mobius, and the market crashed once again at the end of the working week.
The most famous cryptocurrency, Bitcoin just took another USD 1,000 leg up in the past 24 hours and now exchanges at around USD 8,000 on many markets, while only 12 coins out of the top 100 are in red now.
After jumping by about 13% in the past 24 hours (05:59 UTC), Bitcoin price sits at a level last seen in July 2018, while Bitcoin dominance, or percentage of total market capitalization, increased to almost 59%. Total crypto market capitalization exceeded USD 240 billion.
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