Visa Aims To Introduce Their Own Crypto Wallet

• Financial Giant Visa filed for various cryptorelated trademarks. 
• Visa promises its users to create an engaging virtual environment for them.
• Events of the past represent the organization’s interest in the virtual currency industry.

What Is Visa Planning For ?

Leading financial services giant Visa’s CEO Alfred Kelly expresses his vision to go deeper into the crypto industry. On 27 October, Visa filed various crypto-related trademark applications.In a recent Visa study, 73% of small businesses agreed that enabling new forms of digital payments are crucial for growth in 2022.

Mike Kondousdis, USPTO licensed trademark attorney posted on twitter-

“Visa has filed 2 trademark applications claiming plans for: (Managing Digital, Virtual, and Cryptocurrency transactions) + (Digital currency + Cryptocurrency wallets) + (NFTs + Virtual goods) + Providing virtual environment and more.”

According to the filings, they are developing their softwares for controlling virtual, digital, and cryptocurrency transactions including crypto wallets. There were also measures for auditing blockchain assets, utility tokens, and crypto. The trademark will be used in software  “to view, access, store, monitor, manage, trade, send, receive, transmit, and exchange” crypto and NFTs.

The CEO has said that the Visa has an inclination to “work with wallets and exchanges” on managing digital currency, with a view to create its own card technology solutions compatible with digital tokens.The company has also before partnered with several crypto firms to offer credit and debit cards linked to crypto payments.

Visa is planning to ensure its customers a “recreational, leisure, or entertainment purposes” in which users can connect in the metaverse. Kelly has also pointed out they have already undertaken 35 partnerships, for example with BitPanda, Crypto.com, BlockFi, etc. 

Where did it all begin?

CEO states- “We see all (cryptocurrencies) as digital gold. They are predominantly held as assets that are not used as a form of payment in a significant way at this point. Our strategy here is to work with wallets and exchanges to enable users to purchase these currencies using their Visa credentials or to cash out onto our Visa credential to make fiat purchases.”

Few reports indicate that there are more than even 1 billion Visa cards in circulation worldwide. Previously, along with major companies like Paypal, Western Union, Mastercard has filed for two, three and fifteen trademarks respectively with USPTO (United States Patent and Trademarks Office) for various crypto services. 

In August 2021, Visa spent $150,000 to bring CryptoPunk. Visa’s Head of crypto, Cuy Sheffield, who is a keen NFT collector, said- “This is just the beginning of our work in this space.”Also, in March 2021, Visa started a pilot program facilitating its partners to use USD Coin to settle transactions made in fiat.

In collaboration with FTX, FTX account-linked with Visa debit cards now are available in across 40 countries, initially in Latin America, Europe, and Asia with additional launches in other regional locations in mid 2023. 

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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