On the Ethereum blockchain, researchers and engineers from Visa have described a smart contract application for a self-custodial wallet that might enable programmable payment instructions like automatic bill payments through a bank account. Visa will make use of the StarkNet layer-2 Ethereum network to offer cryptocurrency payment options. In order to create a self-custodial wallet that can conduct automated recurring payments without requiring the user’s active participation, this method entails the construction of a smart contract that serves as an intermediary between a user account and a contract account.
This partnerships is also expected to boost the adoption of CBDC. In order to build a connection between the cryptocurrency ecosystem and its extensive global network of customers and merchant locations, Visa will continue to investigate these developing technologies and concepts, including standard consensus mechanisms, privacy and scaling solutions, and other potential blockchain use cases.