Visa applies for patents for cryptowallet, NFT, and Metaverse

Last week, it became known that the multinational financial services headquartered in Foster, California, USA, Visa Inc. It has applied to the United States Patent and Trademark Office (USPTO) for a patent for a cryptocurrency wallet and NFT, as well as offering a virtual environment in which users can interact.

This will be the first time a company of this size is looking to develop and launch their own crypto wallet. If realized, it will lead Visa to plunge into the crypto ecosystem in order to become an influential actor in it.

The information was released by trademark attorney Mike Kondodis, who also noted in a tweet that Visa has “Filing 2 trademark applications“to the USPTO for”Managing digital and virtual transactions and cryptocurrency“,”Cryptocurrency + Cryptocurrency Wallets“,”NFT + Virtual Goods“y”Provide virtual environments“.

In addition, Visa’s patent application also considers requesting “Software used to audit cryptocurrency and other blockchain assetsTherefore, it is possible for the company to sell this type of auditing service to banks that want to participate in providing crypto services to their clients.

Also, in the Visa patent application, there is a reference to the metaverse, when it specifies that “It will provide its customers with a virtual environment in which users can interact for “entertainment, entertainment or entertainment purposes” that can be accessed in the virtual world“.

In any case, Kondoudis explains that Visa’s intentions are to provide services related to crypto assets and blockchain, within its financial services offering, but it also appears that its purpose is to operate in the metaverse.

according to The American newspaper U.TodayIn the application document, Visa specified that the wallet will have a desktop version and an online version, so it is likely that this application will also work in a downloadable version on smartphones.

Giants of the traditional financial sector for years have provided unfavorable data about the crypto ecosystem. However, as far as Visa is concerned, its position has been completely open against Bitcoin (BTC) and cryptocurrencies in general.

In fact, eight years ago, former Visa CEO Charlie Scharf said during the Bank of America Merrill Lynch 2014 Banking and Financial Services Conference: “Bitcoin is two things, right? Bitcoin is a currency and is a way to create a network. Today, the two are not related“.

“People (asking): Will you accept the coin? “And the answer is that we will think about it when our customers really want to use it. So when we have banks and merchants saying ‘Hey, our customers really want to pay in bitcoin’, that becomes an important question for us,” Scharf said at that conference.

In response, the former CEO of Visa said: “Until then, it’s just theory if we want, and we have, I forgot a few hundred coins or 170 coins we’re dealing with. If we choose another, we can definitely do it“.

Although Visa changed in 2019, CEO Alfred Kelly Jr. (better known as Al Kelly), the company’s vision regarding cryptocurrencies has remained the same. In fact, Visa connects cryptocurrencies and its global payment network in the same fast way for money.

Several years ago, Visa joined cryptocurrency exchanges as a partner, giving them access to their global payment network, thus facilitating the issuance of cards connected to crypto wallets to users on every exchange, allowing them to fund directly from your digital assets.

In parallel, Visa has taken its time to analyze and directly integrate the business opportunities that the massive cryptocurrency services will bring. The fruit of this analysis can be seen in Visa’s patent application to the USPTO.

Already in March 2021, Visa has launched a pilot program with Crypto.com to settle payments using the US Dollar (USDC) stablecoin.backed by US dollars, for the purpose of settling Visa transactions through Ethereum, one of the most widely used open source blockchain-based platforms.

In this program, I teamed up with Anchorage, the first digital asset bank licensed by the US federal government and exclusive partner of crypto-settlement company Visa.

Subsequently, Visa purchased NFT from the CryptoPunk pool, for which it paid 49.5 ETH, which at that time was equivalent to approximately $165,000. The acquisition of version number 7610, which corresponds to a female figure: a mohawk with large green eyes and bright red lipstick, was her first sign of entering the world of NFTs.

At the time, Cut Sheffield, Head of Crypto at Visa, indicated that they are bullish on NFTs. NFTs will play an important role in the future of retail, social media, entertainment and commerce.So they invest in what they believe in.

He added: “As Visa has been here through business changes before, we are very excited to help drive this new business change into the future.“.CryptoPunk’s purchase of Visa symbolizes, at least from the company’s point of view, the NFT that”Symbolizes the excitement and opportunity of this special cultural moment“.

But that’s not all, because this year, Visa has been fully involved in the world of NFTs, through the Visa Creator Program, a year-long immersion program aimed at entrepreneurs working in art, music, fashion and film looking to accelerate their small businesses through NFTs.

The Visa Creator Program aims to:Bringing together a global community of digital innovators and empowering them with product strategy mentorship“, to me What your website says.

On the other hand, in recent months, the multinational has signed partnerships with central exchange FTX, BitOasis and Blockchain.com, to launch debit cards in several dozen countries, which will allow users of each exchange to pay their balance. In dollars anywhere Visa debit cards are accepted.

However, it should be noted that often, a patent application does not necessarily become a launch of a product or service. Anyway, he only talks about the company’s intentions to launch a service in the near future.

At the moment, speculation has begun to arise and many are wondering if it is possible for Visa to compete with Metamask or simply create a centralized exchange in the best style of Binance or Coinbase.

Visa competes in the debit and credit card market with the multinational Mastercard, a company that has also been making progress in the crypto world and has also made some progress in this regard.

court notice “Investing in crypto assets is unregulated, may not be suitable for retail investors and may lose the entire amount invested”

 

 

 

 

 

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