Credit card giant Visa has been eyeing a bigger move into the crypto space by applying for applications recently.
Two days ago, the licensed trademark attorney, Mike Kondoudis, disclosed the recent trademark applications for Visa.
This pointed toward the probability of the credit card firm developing or launching its own digital asset wallet.
There have been two trademark filings supposedly. One includes trademark filings for software and managing digital, virtual, and cryptocurrency transactions; the other is for wallets.
This is according to the records that were submitted to the United States Patent and Trademark Office (USPTO) earlier this week.
The filings also hinted that Visa could be planning to explore the metaverse, with its namesake used in “virtual environments in which users can interact for recreational, leisure, or entertainment purposes.”
If the application is approved, then Visa could also be offering software for managing digital transactions and auditing cryptocurrencies.
The payment giant also intends to provide virtual environments for recreational, leisure, and entertainment purposes.
Visa Has Been Associated Wit The Crypto Space
Visa has previously partnered with other firms to offer credit and debit cards that are tied to crypto payments.
These trademark filings followed those of Mastercard, which had applied to the USPTO in April to use its logo in the metaverse and NFTs.
In October 2021, the company revealed its NFT program to support the industry before purchasing its “punk” from the CryptoPunk collection.
It is a fully-fledged Metaverse not just providing financial services in existing virtual worlds. The most recent partnership was with Blockchain.com, where it is offering a crypto debit card.
Visa is of the opinion that it is necessary for Web3 adoption to grow through increased worldwide acceptance.
Through these partnerships, Visa is aiming to increase the rate at which crypto adoption could grow.
Other Developments By Visa
Other developments by Visa within the space include the partnership with FTX, an exchange, to introduce crypto debit cards in 40 countries.
Visa is also linked to the investment banking giant JP Morgan. Both organizations will work on private blockchains to help with cross-border transactions.
The previous year, Visa had partnered with close to 60 famous crypto companies. These included Coinbase, Binance, and Crypto.com.
This was done to accelerate the card programs and also to speed up Web3 adoption across the world.
The previous year, the CEO of Visa, Charles Scharf, mentioned that the firm would be open to taking Bitcoin if there was adequate demand from customers.
This made it even more clear that Visa had plans within the space, so the digital wallet could be on the table.
Not just Visa, other payment companies such as PayPal and Western Union are also pushing their way into the blockchain space.