Visa Files NFT & Metaverse Patents for Another Crypto Foray

October 31, 2022

Visa, a leading supplier of worldwide payment services, has announced plans to start providing services for digital wallets. The massive fintech company has submitted trademark applications for the use of its name in programs that view, access, and store cryptocurrencies and NFTs.

NFT and Metaverse patents are filed by Visa

The intellectual property lawyer Mike Kondoudis verified that the Visa International Service Association submitted two trademark applications to the USPTO on October 22 in a blog post on October 27.

Kondoudis claims that the fintech company plans to use its brand on software that will let users see, access, store, monitor, manage, trade, send, receive, transmit, and exchange non-fungible tokens and cryptographic assets.

Additionally, it seemed from the presented documents that the credit card business may be considering a foray into the metaverse. Visa plans to exploit its brand name in virtual settings where customers may engage for amusement, leisure, or other objectives.

Other Crypto Investments by Visa

Visa, a provider of payment services with more than 1 billion cards, has already made investments in the cryptocurrency market. The payment company teamed up with other cryptocurrency businesses last year to provide credit and debit cards linked to cryptocurrency payments.

Visa revealed intentions to start a trial program in March 2021 that would let its partners settle fiat transactions using USD Coins. In August 2021, the financial company also invested more than $150,000 in a CryptoPunk NFT collection.

Visa sought to get a "first-hand understanding of the infrastructure requirements for a global brand to purchase, store, and leverage an NFT" at the time. The business debuted after Mastercard, a competitor in the payments industry, submitted trademark applications with the USPTO in April. In order to utilize its logo in the metaverse and NFTs, Mastercard filed patent applications.

Thanks to Dominic Kimani at Business 2 Community whose reporting provided the original basis for this story.

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