Visa goes full crypto based on its latest trademark applications
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(Kitco News) – Financial giant Visa appears to be exploring the development of digital wallets for customers based on two trademark applications filed with the United States Patent and Trademark Office (USPTO) on October 22.
Filings show that the Visa International Service Association wants to trademark its well-known VISA logo, referred to as its “character mark,” for use in software that allows users to “view, access, store, monitor, manage, transact, send, receive , transfer and exchange digital currency, virtual currency, cryptocurrency, digital and blockchain assets and non-fungible tokens (NFTs).”
The application went on to list a number of activities the company is exploring with the intent of using the character mark, including “providing virtual environments where users can interact for recreational, leisure or entertainment purposes available in the virtual world.”
This suggests Visa is exploring its opportunities in the Metaverse and wants to make sure all the paperwork is in place to market its brand to visitors in virtual reality.
VISA has submitted 2 trademark applications with requirements for plans for:
▶️ Manage digital, virtual and cryptocurrency transactions
▶️ Digital currency + Cryptocurrency wallets
▶️ NFTs + virtual goods
▶️ Offers virtual environments
…and more#NFT #Metaverse #Web3 #Cryptocurrency pic.twitter.com/SnTkt8jx4o— Mike Kondoudis (@KondoudisLaw) 27 October 2022
Another filing details the company’s intentions in the digital asset sector, showing it is seeking clearance to help facilitate all kinds of transactions on blockchain networks, including “secure electronic cash transactions and electronic cash transfers over public computer networks to facilitate electronic commerce.”
The payment processor is also looking to offer “cryptocurrency payment processing services and cryptocurrency exchange services using blockchain technology.”
As eSports and play-to-earn (P2E) continue to see increasing interest from the public, Visa wants to be able to market in these emerging sectors in the same way as in traditional sports arenas through “financial sponsorship of sporting competitions, events, activities and games in the virtual world.”
The firm also wants to help the public transition to using digital wallets and blockchain technology by “providing a digital wallet that stores customer account information and enables them to make point-of-sale transactions, access vouchers, coupons, coupon codes and discounts at retailers and to earn loyalty or monetary rewards that can be credited to their accounts via a cashback system.”
This will help simplify things by bringing all rewards and loyalty programs together in one place for easier administration.
The new applications are part of Visa’s long-term engagement with the crypto sector as it slowly gains adoption on a global scale. In October 2021, Visa unveiled its NFT program before purchasing one of the popular CryptoPunk NFTs in an effort to gain a “first-hand understanding of the infrastructure requirements for a global brand to purchase, store and leverage an NFT.”
Recently, several of Visa’s competitors have also made moves to address the growing interest in blockchain technology and cryptocurrencies, including PayPal and Western Union.
Just last week, Western Union filed similar trademark applications seeking to offer a range of services, including the ability to manage wallets, exchange digital assets and commodity derivatives, issue tokens and offer brokerage and insurance services.
And it is not only large, multinational payment providers that are showing increased interest in services related to cryptocurrencies, NFTs and Metaverse.
According to data provided by NFT trademark attorney Mike Kondoudis, so far in 2022, the USPOT has received more than 4,600 trademark applications that include or relate to NFTs, over 4,600 trademark applications for Metaverse and/or virtual goods or services, and over 4,300 trademarks applications for digital or cryptocurrency products or services.
Disclaimer: The views expressed in this article are those of the author and may not reflect the views of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is for informational purposes only. It is not an invitation to exchange goods, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept responsibility for any loss and/or damage arising from the use of this publication.
