VISA had already proved that they don't want to be left out of crypto. First, anecdotally, with the purchase of a punk for $150k that was bought “before anything, to learn”.
Now they have jumped to the headlines with a projected Layer 2 solution, for the moment built on top of Ethereum, that expects to become a global, multichain payment hub.
The concept, called "Universal Payments Channel" (UPC), outlines how various blockchain networks can be interconnected to allow the transfer of CBDCs. It shows how Visa can help exchange various CBDCs built on different blockchains in the future.
This way, VISA shows itself as a savvy participant in crypto (they even have launched their first smart contract) while taking positions to become a trusted infrastructure partner whenever Central Bank Digital Currencies decide to show up.
Welcome, VISA. Crypto is inherently meritocratic, so here they don’t enjoy the same privileged position they enjoy inside TradFi, but any initiative helping gain mainstream adoption is welcome.