Trademark applications helps Visa explore virtual currency
The virtual payments giant Visa is adopting Web3 to lead itself from rivals like Mastercard (NASDAQ: MA) and PayPal (NASDAQ: PYPL). In the latest move into the ecosystem, two trademark filings indicate a significant focus on non-fungible tokens (NFTs) and the metaverse.
On October 22, a trademark application was filed with the United States Patent and Trademark Office (USPTO). As described in the first trademark, it is intended to be used for viewing, accessing, storing, monitoring, managing, trading, sending, receiving, transmitting, and exchanging digital currency, virtual currency, cryptocurrencies, digital and blockchain assets, and non-fungible tokens (NFTs) using "non-downloadable software."
An association with virtual worlds where users can interact for recreational, leisure, or entertainment purposes is part of the second trademark.
VISA filed 2 trademark applications claiming plans for:
NFTs + Virtual goods
Providing virtual environments
Managing Digital, Virtual, and Cryptocurrency transactions
Digital currency + Cryptocurrency wallets
Visa has already established a reputation for seeking to capture a portion of the digital asset market by forming alliances. The most recent of these is an association with Blockchain.com, which allows U.S. citizens to pay for things with their digital asset holdings using a debit card.
Visa recently announced that it would use the USD Coin (USDC) as a settlement method with merchants in March 2021. To comprehend NFTs, the payment company spent $150,000 to acquire a CryptoPunk collectable, which it says is an example of 'understanding the infrastructure requirements for a worldwide brand to acquire, store, and make use of an NFT.'
Payments corporations are becoming increasingly supportive of Web3 and are contributing their part to adopting virtual currencies. Mastercard has fifteen USPTO patents, including a payment processor in the metaverse and an online market for trading NFTs.
American Express has seven USPTO filings detailing porter services and virtual payment card branding in the metaverse. PayPal and Block, formerly known as Square, are both seeking to develop the metaverse, as it would enable digital asset acceptance for merchants worldwide.
According to Stripe, Connect platforms can now participate in the Web3 economy without storing cryptocurrency. They can now reach a broader audience and improve the service for those who prefer crypto over traditional fiat payments.