Traditional finance companies have been able to scale their operations to meet consumer demands as a result of the growth of cryptocurrencies and the metaverse concept. Among those who have expressed an interest in the metaverse is Visa (NYSE: V), which aims to offer services in the virtual world.
On October 22, the company filed two metaverse trademark applications in order to manage digital and cryptocurrency transactions, cryptocurrency wallets, non-fungible tokens (NFTs), and digital currency.
Michael Kondoudis, a licensed trademark attorney, revealed the trademark application to the United States Patent and Trademark Office (USPTO) in a tweet on October 27.
Visa will also offer software for managing digital transactions and auditing cryptocurrencies if the application is approved. Moreover, the payment giant aims to provide virtual environments for recreation, leisure, and entertainment.
Visa’s involvement in crypto
Visa has had a longstanding involvement with the crypto sector, having launched products related to it in the past. A prime example of this is the company's launch of its NFT program in October 2021 in order to support the industry before purchasing its "punk" from the CryptoPunk collection in September 2022.
The metaverse space is also being tapped by other payment companies, including PayPal and Western Union. PayPal will offer downloadable software for the purchase, sale, storage, and trading of digital and virtual cryptocurrencies, digital assets, and tokens.
Aside from offering a digital trading exchange, Western Union plans to facilitate its traditional money transfer business by issuing its own tokens.Although the metaverse is in its infancy, more traditional sector brands are warming up to the concept as a result of its potential. A recent report indicates that the number of cryptocurrency-related trademark filings in the United States exceeded 3,600 between January 1 and August 31, 2022.