Visa launches proprietary blockchain platform for Real World Assets

Visa is testing a platform for Real World Assets, called the Visa Tokenized Asset Platform, aimed specifically at banks.

One of the first partners is Spanish bank Banco Bilbao Vizcaya Argentaria. The platform runs on Ethereum. "We believe tokenization presents a huge opportunity for banks to issue their own fiat-backed tokens on blockchains," said Cuy Sheffield, head of Visa Crypto. "Banks must do this in a regulated manner and allow their customers to participate in these on-chain markets."

Visa has been making moves into the crypto world for some time, such as issuing cryptocurrency cards and developing features to make blockchain systems more accessible. Stocks, real estate, goods and art: the tokenization of all kinds of assets is considered one of the biggest and most lucrative crypto trends for 2024 and the near future. BlackRock, the world's largest asset manager, has launched its own RWA fund with BUIDL, which has been rising sharply in value for months.

Tokenized assets, according to data from rwa.xyz now reached a value of about US$12.36 billion, with more than 63,000 asset owners. The RWA sector overtook memecoins as the most profitable branch of the industry in the second quarter of 2024.