The rise of cryptocurrencies and the notion of the metaverse has given traditional financial institutions the potential to scale their operations and satisfy customer expectations. In this vein, financial services giant Visa is the most recent institution to declare interest in the metaverse, hoping to provide services in the virtual world.
On October 22, the business, in particular, filed two metaverse trademarks with ambitions to handle crypto wallets, digital and crypto transactions, virtual money, and non-fungible tokens (NFTs), among others.
On October 27, licensed trademark attorney Michael Kondoudis revealed the trademark filed with the United States Patent and Trademark Office (USPTO) in a tweet.
VISA has filed 2 trademark applications claiming plans for:
▶️ Managing Digital, Virtual, and Cryptocurrency transactions
▶️ Digital currency + Cryptocurrency wallets
▶️ NFTs + Virtual goods
▶️ Providing virtual environments
…and more#NFT #Metaverse #Web3 #Cryptocurrency pic.twitter.com/SnTkt8jx4o
— Mike Kondoudis (@KondoudisLaw) October 27, 2022
Visa will also provide tools for handling digital transactions and auditing cryptos if the application is approved. Simultaneously, the payment giant strives to develop virtual spaces for leisure, recreational, and entertainment engagement.
Visa has a long history of participation in the crypto industry, having introduced similar products. For example, before acquiring its “punk” from the CryptoPunk collection in October 2021, the firm launched its NFT initiative to assist the sector.
Other payment providers, including Western Union, PayPal is also making headway into the metaverse.
In this situation, PayPal intends to offer downloadable software to purchase, sell, store, and exchange digital and virtual coins, digital assets, and tokens.
In other news, Western Union plans to launch a digital trading market, releasing tokens in addition to supporting its regular money transfer operations. It is worth noting that, despite its youth, the promise of the metaverse is seeing more conventional sector businesses warm up to the notion.
A recent estimate indicates that the total number of cryptocurrency-related trademark applications in the United States topped 3,600 between January 1 and August 31, 2022.