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Visa is ready to get more involved in the crypto space after its recent investment in CryptoPunk

With Visa's trademark owner applying for two applications pertaining to crypto, we might see the credit card company expanding its reigns in the crypto space

Shashank Bhardwaj
Published: Oct 28, 2022 06:47:19 PM IST

Visa is ready to get more involved in the crypto space after its recent investment in CryptoPunkImage: Shutterstock

Considering two recent trademark applications, it's possible that major credit card provider Visa intends to investigate digital wallet services.

The Visa International Service Association reportedly filed two applications with the United States Patent and Trademark Office (USPTO) on October 22 for its character mark to be used in software "to view, access, store, monitor, manage, trade, send, receive, transmit, and exchange" crypto assets and non-fungible tokens (NFTs).

Additionally, it was implied by the documents that the credit card corporation may be considering a foray into the metaverse, where its name would be used in "virtual environments in which users can interact for recreational, leisure, or entertainment purposes."

According to Mike Kondoudis, "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 #Cryptocurrencyā€¯

Some estimates say more than 1 billion Visa cards are used worldwide. The business previously collaborated with crypto businesses to provide credit and debit cards linked to crypto payments. In 2019, there were 45 billion general-purpose credit card transactions in the United States (based on cards issued by the four major networks - Visa, Mastercard, American Express, and Discover), totalling nearly $4 trillion in dollar volume.

In 2019, the four major networks issued 45 billion credit card transactions, totalling nearly $4 trillion. The trademark registrations came after Mastercard applied to the USPTO in April to use its logo on NFTs and the metaverse. Earlier this month, Cuy Sheffield, Visa's head of crypto, stated that global acceptance is required for crypto adoption to continue to grow. On October 25, Mastercard, Visa's main competitor, announced a strategic partnership with BitOasis, the leading crypto platform in the Middle East and North Africa (MENA), to launch a series of crypto card programmes aimed at facilitating the adoption of digital assets in the region.

The credit card business has recently launched a series of gradual excursions into crypto. Visa announced in March 2021 that it intended to start a pilot programme to let its partners utilise USD Coin to settle fiat transactions.

To gain a "first-hand understanding of the infrastructure requirements for a global brand to purchase, store, and leverage an NFT," the corporation also invested $150,000 to purchase a CryptoPunk in August 2021.

The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash

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