Ethereum price rises as Visa unveils plans for a new layer-2 interoperability solution

Posted: 1 October 2021 3:33 am
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Despite its recent rally, Ethereum’s fortnightly losses still stand at over 15%.

  • Called the Universal Payments Channel (UPC), Visa’s new project will help users transact across different stablecoin and central bank digital currency ecosystems.
  • Dogecoin co-founder Billy Markus is currently working on creating a new interoperability bridge between DOGE and ETH.
  • Social media platform TikTok is set to start offering non-fungible tokens (NFTs) to its users via a layer-2 NFT protocol called Immutable X.

Following Bitcoin’s price action over the last 48-odd hours, Ethereum (ETH) has also gained momentum. The world’s second-largest cryptocurrency rose from a local bottom of $2,700 to $3,200 within hours. At press time, the altcoin is trading for $3,362.

This ongoing surge can, in part, be attributed to Visa recently announcing that it is actively working to create an interoperable layer-2 solution linking various central bank digital currencies (CBDCs) with the many stablecoins available in the market today. Tentatively called the “universal payments channel” (UPC), the project will help users seamlessly transact between several blockchain ecosystems.

As per the project’s official whitepaper, Visa’s crypto dev team noted that the UPC framework is designed to play a major role in bridging the gap that currently exists between private stablecoins and public CBDCs, essentially by “providing permissioned access for whitelisted stablecoins to be interoperable with CBDCs.”

With many major economies continuing to explore the possibilities put forth by CBDCs, Visa’s project could be a gamechanger, especially when it comes to adopting digital assets on a massive scale.

How to buy Ethereum

DOGE co-founder looking to build Ethereum bridge

According to a recent tweet issued by Dogecoin co-founder Billy Markus, the tech savant is looking to spur the growth of the already exploding NFT sector by developing a new interoperability bridge that will help link ETH with the DOGE ecosystem.

Markus emphasized the importance of devising an Ethereum-Dogecoin bridge so that the latter can be used across a wide array of ETH-centric NFT platforms such as OpenSea, and Rarible.

TikTok makes its foray into the NFT sector

In somewhat of an expected move, social media platform TikTok recently revealed that it has decided to make inroads into the NFT sector by launching a new set of tokens inspired by its leading trendsetters. To further elaborate on the development, a spokesperson for the company unveiled TikTok Top Moments, a new interface that is designed to allow creators to be recognized and rewarded for their content.

This batch of NFTs will feature high-profile TikTokers such as Lil Nas X, Bella Poarch and Curtis Roach, amongst others. The tokens will be released via Ethereum-based layer-2 NFT protocol Immutable X.

Interested in cryptocurrency? Learn more about the basics with our beginner’s guide to Bitcoin, dive deeper by learning about Ethereum and see what blockchain can do with our simple guide to DeFi.

Disclosure: The author owns a range of cryptocurrencies at the time of writing

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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