Visa Files Trademark Applications to Manage Crypto and NFT Transactions and Wallets.
Visa aims to delve fully into the cryptocurrency and NFT space, as it files two trademark applications with plans to establish a platform for crypto and NFT services.
The NFT scene and the broader cryptocurrency industry have witnessed massive growth in recent years. This growth has been complemented by several top guns developing an interest in penetrating the industry.
Shortly after Western Union’s crypto-focused trademark applications, California-based multinational financial services corporation Visa has filed two trademark applications with intentions to offer crypto-related and NFT services, as disclosed by USPTO-licensed trademark attorney Mike Kondoudis.
“VISA has filed two trademark applications claiming plans for:
- Managing Digital, Virtual, and Cryptocurrency transactions
- Digital currency + Cryptocurrency wallets
- NFTs + Virtual goods
- Providing virtual environments
…and more,” Kondoudis revealed in a tweet Thursday.
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 accomplished trademark attorney and astrophysicist further shared an image disclosing details on the applications filed by Visa. Per information from the shot, the two trademark applications with serial numbers 97643605 and 97643607 were filed on October 22.
The trademarks reveal Visa’s intentions to offer services relating to the cryptocurrency, NFT, and Metaverse scenes. Visa provided five points of service offerings related to the trademarks. These five points concern the financial services provider’s plans to manage cryptocurrency transactions and provide virtual environments and digital wallets.
The five points include the following:
- Providing temporary use of non-downloadable software for users to view, access, store, monitor, manage, trade, send, receive, transmit, and exchange digital currency, virtual currency, cryptocurrency, digital and blockchain assets, and non-fungible tokens (NFTs).
- Non-downloadable virtual goods; non-downloadable virtual goods, namely, a collectible series of non-fungible tokens.
- Software for: management of digital transactions; use as a digital currency wallet and storage services software; use as a cryptocurrency wallet, and managing and verifying cryptocurrency transactions using blockchain technology.
- Software used in auditing digital currency, virtual currency, cryptocurrency, digital and blockchain assets, digitized assets, digital tokens, crypto tokens, and utility tokens.
- Providing virtual environments in which users can interact for recreational, leisure, or entertainment purposes is accessible in the virtual world.
Reports of Visa’s trademark applications come two days after money transfer service Western Union’s plans to delve into cryptocurrency were brought to public light. As The Crypto Basic recently reported, Western Union filed three trademark applications to penetrate the Crypto, Web3, and Metaverse scene on October 18.
Visa’s plans to head into the crypto market are not unexpected, as the firm remains one of the most crypto-friendly financial services companies. Several crypto entities have partnered with Visa to launch crypto cards, including FTX, which revealed its plans to launch the card in February.
Furthermore, prominent exchange Blockchain.com recently launched its crypto card in partnership with Visa. The Visa card will allow customers to spend from their crypto balances with no fees and a 1% cashback. The service is exclusive to U.S. customers at launch.