The global payment services provider Visa has showcased intentions to begin offering digital wallet services. The giant fintech firm has filed trademark applications for its name to be used in software to view, access, and store crypto and NFTs.
Visa Files NFT And Metaverse Patents
In an October 27 blog post, Mike Kondoudis, the intellectual property attorney, confirmed that the Visa International Service Association filed two trademark applications with the United States Patents and Trademark Office on October 22.
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
According to Kondoudis, the fintech firm anticipates using its name in software to allow users to view, access, store, monitor, manage, trade, send, receive, transmit, and exchange” crypto assets and non-fungible tokens.
The submitted records also suggested that the credit card company may be exploring a move into the metaverse. Visa intends to use its brand name in virtual environments, such as allowing users to interact for recreational, leisure, or entertainment purposes.
Visa’s Other Crypto Investments
It’s not the first time Visa, the payment service firm with more than 1 billion cards, will invest in the crypto industry. Last year, the payment firm partnered with other crypto firms to offer credit and debit cards tied to crypto payments.
In March 2021, Visa announced plans to launch a pilot program allowing its partners to use USD Coins to settle transactions made in fiat. In addition, the fintech firm spent more than $150,000 to purchase a CryptoPunk NFT collection in August 2021.
At the time, Visa wanted a “first-hand understanding of the infrastructure requirements for a global brand to purchase, store, and leverage an NFT.” The company appears following rival payment firm Mastercard, which applied for similar trademarks with USPTO in April. Mastercard applied for patents to use its logo in the metaverse and NFTs.
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