Visa, a worldwide provider of payment services, has expressed ambitions to start providing services related to digital wallets. The fintech company has submitted trademark applications to utilize its name in software to access, store and view NFTs and crypto assets.
Visa Moves to Start a New Crypto Venture by Filing Patents for Metaverse NFTs
The attorney for intellectual property, Mike Kondoudis, shared a blog post validating that a couple of trademark applications had been filed by the Visa International Service Association with the United States Patents and Trademark Office.
As per Kondoudis, the fintech company expects to utilize its title in software, enabling customers to see, store, access, manage, monitor, trade, receive, exchange, transmit, and send non-fungible tokens as well as the crypto assets. The submitted records additionally indicated that the entity (which offers credit cards) may be delving into the world of the Metaverse.
Visa also has a strategy to utilize its brand title in virtual atmospheres, permitting the clients to communicate for entertainment, leisure, or recreational purposes. This is not the 1st time for the payment service venue Visa, which has up to 1B cards, to invest in the market of cryptocurrency.
In the previous year, several collaborations were carried out by the payment platform with the rest of the crypto organizations to provide debit and credit cards associated with payments in cryptocurrency. In March last year, Visa declared a strategy to introduce a pilot project that would permit the members to utilize USD Coins for settling transfers carried out in fiat currencies.
Mastercard and Visa Keep on Pursuing Their Ambitions by Allocating Capital Effectively
Apart from that, the fintech company expended above $150,000 to buy a series of CryptoPunk NFTs in 2021’s August. At that point, the platform demanded 1st-hand knowledge about the infrastructure needs for a worldwide brand to buy, leverage, and store a non-fungible token. The firm seems to be moving after Master (a competing payment company) which submitted analogous trademark applications in April with USPTO.
Mastercard additionally submitted applications for patents for the use of the logo thereof in the case of NFTs and the Metaverse. Visa, as well as Mastercard, work similarly to a duopoly, due to the networking economies, which keep race separate from the home field. The 2 firms can effectively allocate capital, providing high returns to the holders.