Traditional financial institutions now have the chance to expand their businesses and satisfy customer demand due to the rise of cryptocurrencies and the idea of the metaverse. The largest provider of financial services, Visa, has recently declared its interest in the metaverse and plans to provide services there.
On October 22, the corporation specifically submitted two metaverse trademark applications with the intent to control, among other things, digital and cryptocurrency transactions, cryptocurrency wallets, non-fungible tokens (NFTs), and digital money.
Michael Kondoudis, a certified trademark attorney, revealed the trademark that was submitted to the United States Patent and Trademark Office (USPTO) in a tweet on October 27.
In addition, Visa will provide software for handling digital transactions and auditing cryptocurrencies if the application is granted. The world’s largest payments company also aims to offer virtual spaces encouraging social interaction for pleasure and leisure.
Visa Participation In Crypto
The application enhances Visa’s extensive participation in the cryptocurrency industry and its recent rollout of related goods. For instance, before acquiring its “punk” from the CryptoPunk collection, the corporation revealed its NFT program in October 2021 to assist the sector.
Other payment providers are also gaining ground in the metaverse, like Western Union and PayPal. In this instance, PayPal intends to provide software that may be downloaded in order to purchase, sell, store, and exchange digital and virtual currencies, assets, and tokens.
In addition, Western Union plans to support its existing money transfer business by providing a digital trading platform and releasing its own tokens.
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Though the metaverse is still in its infancy, it is important to note that more established businesses in the conventional sector have begun to embrace the idea due to its potential.
Recent research revealing that between January 1 and August 31, 2022, there were over 3,600 trademark registrations in the United States relating to cryptocurrencies highlights the interest.