Visa plans to launch its own crypto wallet

    29 Oct 2022

    Transnational payment giant Visa has filed several crypto-related trademark applications, including crypto auditing software, NFTs, the metaverse, and its own cryptocurrency wallet. The financial corporation seemingly intends to dive deeper into the crypto world, even though CEO Al Kelly recently questioned its utility.

    According to trademark attorney Mike Kondoudis, the applications indicate that Visa intends to launch its own crypto wallet.

    The financial services giant also filed an application for software used in auditing cryptocurrencies and other blockchain assets.

    The California-based payment corporation also plans to provide its customers with a virtual environment in which users can interact for “recreational, leisure, or entertainment purposes” that can be accessible in the virtual world.

    Moreover, Visa apparently plans to push deeper into the NFT sector by filing an application for a series of collectibles. The filings also implied that the credit card corporation may be considering a foray into the metaverse, where its name would be used in “virtual spaces in which users can interact for recreational, leisure, or entertainment purposes.”

    “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,” Mike Kondoudis said on Twitter.

    Back in 2014, former Visa CEO Charlie Scharf said that there were some “interesting things” about Bitcoin. Since then, the company has been gradually adopting crypto and blockchain solutions.

    Last March 2021, Visa moved to allow payment settlements with the help of the USD Coin.

    In October 2021, Visa launched an NFT program to support digital assets. Last August, the company also bought its own “punk” NFT from the CryptoPunk collection. 

    Earlier this month, Visa formed a partnership with crypto exchange FTX to roll out crypto debit cards in 40 countries. Also, Visa recently linked up its global private blockchain with JPMorgan’s Liink network to simplify international payment transactions.

    Despite Visa’s active involvement in the crypto sector, its CEO Al Kelly questioned the crypto’s utility at a conference that took place in March. Kelly said he doesn’t see how cryptocurrencies could play a significant role in countries like the US and Canada.

    Leave a Reply

    Your email address will not be published. Required fields are marked *