Credit card giant Visa aims to make a bigger move into the crypto space by recently filing an application.
Two days ago, Mike Kondoudis, a licensed trademark attorney, published a recent trademark application. visa.
This points to the potential for credit card companies to develop or launch their own digital asset wallets.
There were probably two trademark applications. One includes software trademark filings and managing digital, virtual, and cryptocurrency transactions. The other is for your wallet.
This is according to records filed with the United States Patent and Trademark Office (USPTO) earlier this week.
The filing also hinted that Visa may be planning to explore the Metaverse, a name that is used for “virtual environments that users can interact with for recreational, leisure, or entertainment purposes.”
If the application is approved, Visa could also provide software to manage digital transactions and audit cryptocurrencies.
The payment giant also intends to provide virtual environments for recreation, leisure and entertainment purposes.
Visa is tied to the crypto space
Visa has previously partnered with other companies to offer credit and debit cards tied to crypto payments.
These trademark filings follow Mastercard’s trademark filing with the USPTO in April for use of its logo on the Metaverse and NFTs.
In October 2021, the company revealed an NFT program to support the industry before purchasing “Punk” from its CryptoPunk collection.
It is a full-fledged metaverse as well as providing financial services in existing virtual worlds. The most recent partnership was with Blockchain.com, which offers crypto debit cards.
Visa believes it needs to grow as Web3 adoption gains global acceptance.
Through these partnerships, Visa aims to increase the adoption rate of cryptocurrencies.
Other development with visa
Other Visa developments in this space include a partnership with FTX, an exchange to introduce crypto debit cards in 40 countries.
Visa is also linked to investment bank giant JP Morgan. Both organizations will work on private blockchains to support cross-border transactions.
Last year, Visa partnered with nearly 60 well-known cryptocurrency companies. These include Coinbase, Binance and Crypto.com.
This was done to accelerate the card program and accelerate the adoption of Web3 around the world.
Last year, Visa CEO Charles Scharf said the company was open to accepting Bitcoin if there was enough demand from customers.
This makes it even clearer that Visa has plans in this space, and it is likely that digital wallets will be considered.
Besides Visa, other payment companies such as PayPal and Western Union are also making inroads into the blockchain space.