Visa Enters the Tokenized Asset Space with VTAP

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Visa Enters the Tokenized Asset Space with VTAP

Visa, the global payments giant, has unveiled its Visa Tokenized Asset Platform (VTAP), a groundbreaking initiative designed to facilitate the issuance and management of fiat-backed tokens, including stablecoins and central bank digital currencies (CBDCs).

VTAP offers a comprehensive infrastructure that enables the minting, transferring, and settling of digital assets on both public and permissioned blockchains. This end-to-end solution provides a secure and efficient way for financial institutions to participate in the growing tokenized asset market.

Currently in the sandbox phase, VTAP is being rigorously tested in partnership with BBVA. The goal is to launch a live pilot on the Ethereum blockchain in 2025, initially targeting institutional investors and central banks.

Visa's entry into the tokenized asset space marks a significant step forward for the industry. By leveraging its vast network and expertise in payments, Visa aims to play a pivotal role in shaping the future of digital finance.

BlackRock's iShares Bitcoin Trust (IBIT) and Fidelity's Wise Origin Bitcoin Trust (FBTC) have quickly ascended to become two of the top 10 largest ETFs launched in the 2020s. This remarkable growth underscores the growing mainstream acceptance of Bitcoin as an asset class.

IBIT, in particular, has made significant strides, surpassing Grayscale's Bitcoin Trust (GBTC) to become the largest spot Bitcoin ETF in the United States. With over $22 billion in assets under management, IBIT's success demonstrates the strong investor demand for direct exposure to Bitcoin.

The rapid rise of these crypto-based ETFs is a clear indication of the increasing institutional interest in Bitcoin. As more traditional financial firms embrace digital assets, we can expect further growth and innovation in the ETF market.

Australian Police Crack Crypto Syndicate, Seize Millions

In a significant blow to a global crime syndicate, the Australian Federal Police (AFP) seized over $6.4 million in cryptocurrency. The operation, codenamed Kraken, targeted a network linked to the Ghost encrypted communication app.

Jay Je Yoon Jung, believed to be the mastermind behind Ghost, was arrested in connection with the operation. A crucial breakthrough came from a CACT analyst who successfully cracked the seed phrase from wallets found on Jung's devices. This enabled the authorities to recover the substantial cryptocurrency funds.

The operation has resulted in 46 arrests, 93 search warrants, and the seizure of illegal firearms and drugs. This demonstrates the AFP's commitment to combating cybercrime and transnational organized crime.

The success of Operation Kraken highlights the ongoing challenge of cybercrime in the cryptocurrency industry. Attacks targeting crypto assets surged to $2.1 billion in 2024, underscoring the need for robust security measures and international cooperation.

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