Visa is getting more and more supportive of cryptocurrency as they recently filed 2 applications for crypto trademarks at the United States Patent and Trademark Office (USPTO) on Oct. 22.
The well-known VISA logo, also known as the Visa International Service Association’s “character mark,” is reportedly being trademarked in order to be used in software that enables 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).”
The company is considering using its character mark for a number of activities, including “offering virtual settings in which users can interact for recreational, leisure, or entertainment purposes accessible in the virtual world,” according to the trademark application.
This means that Visa is investigating its options in the Metaverse and is ensuring everything is in order before it can begin advertising its brand to virtual reality users.
The news of these trademarks was shared by Mike Kandoudis through a Twitter post which included information about the whole application including the serial number and what the trademarks are for.
The company’s intentions in the digital asset market are further outlined in a second filing, which demonstrates that it is requesting authorization to assist with the facilitation of all types of blockchain network transactions, including “secure electronic cash transactions and electronic cash transmissions over public computer networks to facilitate electronic commerce.”
Additionally, the payment processor plans to offer “cryptocurrency payment processing services, as well as cryptocurrency exchange services utilizing blockchain technology.”
Visa’s growing interest in Crypto with its increasing use case
Alfred Kelly, the CEO of Visa announced his company’s intention to allow cryptocurrency trading on its network in January 2021. He claimed Visa is embracing cryptocurrency “in a very, very significant way” in preparation for it becoming “very popular.” The huge payments company introduced cryptocurrency advice services in December 2021.
Visa submitted a patent application in May 2020 for a cryptocurrency system that uses “a private permissioned distributed ledger platform” that is tied to fiat currencies.
The company is also looking to assist the general public in its transition to using digital wallets and blockchain technology by “providing a digital wallet that stores customer account information and enables them to make point-of-sale transactions, access coupons, vouchers, voucher codes, and rebates at retailers, and to obtain loyalty or monetary rewards that can be credited to their accounts via a cash-back system,”
By consolidating all rewards and loyalty programs in one place for simpler management, this would simplify things.
Visa’s rivals also invested in the cryptocurrency
The new applications are a part of Visa’s ongoing relationship with the cryptocurrency industry as it gradually expands around the globe. Prior to purchasing one of the well-known CryptoPunk NFTs in October 2021, Visa revealed its NFT initiative in an effort to obtain a “first-hand understanding of the infrastructure needs for a worldwide brand to purchase, store, and exploit an NFT.”
Recently, a number of Visa’s rivals, including PayPal and Western Union, have also taken action to meet the rising interest in blockchain technology and cryptocurrencies.
The capacity to manage wallets, exchange digital assets and commodities futures, issue tokens of value, and provide brokerage and insurance services are just a few of the things that Western Union recently sought to offer in identical trademark applications.
Additionally, a variety of small and medium-sized businesses are also becoming more interested in services connected to cryptocurrencies, NFTs, and the Metaverse.
In 2022, the USPTO has received more than 4,600 trademark applications that include or relate to NFTs, over 4,600 applications for Metaverse and/or virtual goods or services, and more than 4300 applications for digital or cryptocurrency goods or services, according to information provided by NFT trademark attorney Mike Kondoudis.
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