Visa to launch Bitcoin, Ethereum and XR) wallet
- Visa is moving forward with its crypto agenda by filing two diversified crypto-related trademark applications.
- Visa has partnered with over 60 crypto firms, including wallet service providers and crypto exchanges, to enable crypto payments for over 80 million merchants worldwide.
Global financial services firm Visa has filed two crypto-related trademark applications with the United States Patent and Trademark Office (USPTO) outlining plans to manage cryptocurrency transactions and create a virtual environment “where users can interact for recreational, leisure or entertainment purposes.”
The applications, which were archived Oct. 22 and revealed by Washington-based trademark attorney Mike Kondoudis on Oct. 27 further revealed that the company planned to launch cryptocurrency wallets and cryptocurrency auditing software.
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
The applications also showed that the firm has its eye on Non-Fungible Tokens (NFTs) and other digital collectibles as it plans to offer temporary use of non-fungible software for users to view, access, store and transfer them.
Visa’s crypto journey goes as far back as 2014 when Charlie Scharf, its former CEO, noted that there were some “interesting things” about Bitcoin. Early last year, Alfred Kelly, the firm’s current CEO, noted that crypto could become “extremely popular” in the next five years and added that even if that wasn’t the case, he wanted to make sure the company was in the middle of the crypto revolution. .
Visa has slowly stretched its tentacles into the crypto ecosystem, partnering with more than 60 crypto firms, including wallet service providers and crypto exchanges, to enable crypto payments to over 80 million merchants worldwide. In 2020, the San Francisco-based payments giant filed a patent application to create digital currency on a centralized computer using blockchain technology.
In December 2021, it launched crypto advisory services to help educate more clients about the nascent asset class. Last August, the firm bought a $150,000 Crypto Punk NFT for its corporate collection, and later launched a program to help creators navigate the NFT. Earlier this month, Visa partnered with FTX to facilitate the exchange of FTX-branded debit cards for the Latin American, Asian and European markets.
That said, Visa isn’t the only institution that has dabbled in the crypto sector. The number of firms filing crypto-related trademark applications with the USPTO has increased with Western Union and Paypal registering trademarks for various crypto services last week. Formula 1, Ford, Facebook owner Meta, e-commerce giant E-bay, Mastercard and racing giant Formula 1 are some of the other global brands that have applied for crypto-focused trademarks in the past year.
