Visa Files for Fresh Trademarks That Hint at Crypto Wallet, Metaverse Ambitions

Visa has made some key partnerships with crypto companies over the past year or so.

Written by Shomik Sen Bhattacharjee, Edited by Richa Sharma | Updated: 28 October 2022 18:18 IST

Visa Files for Fresh Trademarks That Hint at Crypto Wallet, Metaverse Ambitions

Photo Credit: Visa

Visa has been at the forefront of crypto adoption in recent years through various partnerships

Highlights

Visa partnered with FTX to roll out crypto debit cards in early October
Visa also filed for software used in auditing crypto assets
Blockchain.com is the latest to partner with Visa on crypto debit cards

Visa, the global credit card giant and payments provider, has made a number of recent trademark applications hinting at a larger move into crypto markets. On October 27, licensed trademark attorney Mike Kondoudis revealed the latest trademark applications for credit giant Visa. The applications suggest that the firm is looking to develop or launch its own digital asset wallet. The two trademark filings included software for managing digital, virtual, and cryptocurrency transactions, and cryptocurrency wallets. Additionally, there were provisions for auditing cryptocurrencies, utility tokens, and blockchain assets.

Furthermore, the trademark applications did not stop at crypto transaction software and wallets. They also included provisions for non-fungible 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 with wording such as, "Providing virtual environments in which users can interact for recreational, leisure or entertainment purposes accessible in the virtual world."

VISA has filed 2 trademark applications claiming plans for:

▶️ Managing Digital, Virtual, and Cryptocurrency transactions
▶️ Digital currency + Cryptocurrency wallets
▶️ NFTs + Virtual goods
▶️ Providing virtual environments
...and more#NFT #Metaverse #Web3 #Cryptocurrency pic.twitter.com/SnTkt8jx4o
— Mike Kondoudis (@KondoudisLaw) October 27, 2022

The wordings hint more towards a fully-fledged metaverse rather than providing financial services in existing virtual worlds.

Visa has made some key partnerships with crypto companies over the past year or so. Its most recent was with Blockchain.com this week to offer a crypto debit card. Cuy Sheffield, Visa's Head of Crypto, said at the time that worldwide acceptance was necessary for crypto adoption to continue to grow.

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Earlier this month, Visa partnered with FTX to roll out crypto debit cards in 40 countries. The firm has also collaborated with investment banking giant JPMorgan (via FinExtra). The two will work on private blockchains to facilitate cross-border transactions.

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Last year, Visa partnered with as many as 60 leading crypto companies including Coinbase, Binance, and Crypto.com. The move was to accelerate card programs to boost crypto adoption worldwide. Also last year, Visa CEO Charles Scharf said that the firm is open to accepting Bitcoin if there is enough customer demand.

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