Visa Trademark Filings Indicate Plans For Crypto Wallets

Global credit card giant Visa recently filed a series of trademark applications that may be a prelude to a broader entry into the cryptocurrency markets.

The most recent trademark applications for credit giant Visa were disclosed by licensed trademark attorney Mike Kondoudis.

According to the filings, the company may be planning to create or introduce its own digital asset wallet. Software for controlling digital, virtual, and cryptocurrency transactions as well as cryptocurrency wallets were mentioned in the two trademark submissions.

There were also measures for auditing blockchain assets, utility tokens, and cryptocurrencies.

Visa into the Metaverse?

Furthermore, the trademark applications did not stop at crypto transaction software and wallets. They also included provisions for nonfungible tokens (NFTs).

Visa also applied for trademarks for “non-downloadable virtual goods” such as NFT collectibles. There were even hints of Metaverse ambitions in the descriptions:

“Providing virtual environments in which users can interact for recreational, leisure or entertainment purposes accessible in the virtual world.”

Instead of offering financial services in already-existing virtual worlds, this sounds like a fully-fledged Metaverse.

Over the past year or so, Visa has formed some significant alliances with cryptocurrency businesses. The most recent came this week when Blockchain.com offered a cryptocurrency debit card. The head of cryptocurrency at Visa at the time, Cuy Sheffield, stated that continued growth in crypto usage required global approval.

This month, Visa and FTX collaborated to introduce cryptocurrency debit cards in 40 nations. The business is affiliated with the titan of investment banking, JPMorgan. To make international transactions easier, the two will collaborate on private blockchains.

Up to 60 of the biggest cryptocurrency businesses, including Coinbase, Binance, and Crypto.com, teamed with Visa last year. The action was taken to quicken card programs and increase crypto usage globally. Charles Scharf, CEO of Visa, stated the company’s willingness to embrace Bitcoin in a statement made the same year.

The company’s own digital wallet would be the logical next step given that it is obvious that it has ambitious plans for the cryptocurrency market.

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