- Visa recently filed two trademark applications that dives deeper into the launching of a crypto industry.
- This huge step by Visa will work as an extra-toppings on the crypto market with this trademark launch.
The Payment gaint, Visa (V) filed two trademark applications with its International Service Association on October 22, 2022. The filing by Visa suggested its plannings of launching a crypto wallet.
Trademark Attorney, Mike Kondoudis shared a post on his twitter account and gave the following information about Visa’s plans for managing digital, virtual and cryptocurrency transaction, digital currency + crypto wallets, NFTs + Virtual goods, giving virtual environments and more.
Visa’s Plan
As shared by Mr.Kondoudis Visa will provide temporary use of non-downloadable software for users to view, access, store, monitor, amanage, trade, send, receive, transmit, and exchange digital currency, virtual currency, cryptocurrency, digital and blockchain assets, and non-fungible tokens (NFTs.)
Here, the non-downloadable virtual goods are collectible series of NFTs. And for managing the digital transactions it will use a digital currency wallet and storage services software that manage as well as verfies cryptocurrency transactions with the help of blockchain technology.
Visa’s plan also claimed the plan of providing virtual environments where users can interact for recreational, leisure or entertainment purposes accessible in the virtual world.
In the following tweet by the trademark attorney, Ross Macdonald, Chief Operations Officer at Gokhtein Media replied that the “Trademarks” are going to mean crap all in the future if stuff like this gets passed.
However, in July 2021 according to the Visa blog post, over U.S. $1 Billion was spent on crypto-linked Visa cards in the first six months of the year. And in 2020, Visa further filed a patent application for a process for turning physical fiat currency into a fresh digitized version.
It can be seen that the trademark applications by Visa are not surprising as it came just after many large companies, including American Express and the New York Stock Exchange that also filed similar applications over the recent year.
Over the news a spokesperson from Visa, stated in an email that “At Visa, we are continually exploring technologies that might lead to new payment innovations and greater financial inclusion. Each year we seek patents for hundreds of new ideas. While not all patents will result in new products or features, Visa respects intellectual property and we are actively working to protect our ecosystem, our innovations and the Visa brand.”
Furthermore, last October, Visa launched an NFT program in order to support digital assets. and last August, the company purchased its own “punk” from the CryptoPunk collection.
Source: https://www.thecoinrepublic.com/2022/10/29/find-here-whats-inside-the-visas-trademark-filings/