A major payment network, Visa is filing a trademark application for its crypto exchange platform and other products related to cryptocurrencies.
Aiming to Create a Digital Assets Exchange
Payments giant Visa is seeking trademarks for the development of a digital currency exchange, a cryptocurrency wallet, a non-fungible token (NFT), and virtual environments where users can interact.
It appears that Visa’s vice president and associate general counsel, Denise Yee, approved the application, which was submitted to the United States Patent and Trademark Office.
As announced last month, Visa will collaborate with crypto exchange platform FTX to offer crypto debit cards to customers across 40 nations, concentrating on Europe, Latin America and Asia.
The Debit Card Allows Users to Pay for Items using Virtual Currencies
Users of the debit cards can pay for items and services using virtual currencies directly from their FTX accounts, as they have already done in the US.
CEO and founder of FTX, billionaire Sam Bankman-Fried, stated, “This card allows users to make use of their FTX crypto balances 24 hours a day, 365 days a year securely and with no administrative or processing fees.”
Furthermore, the billionaire says that while crypto assets have utility in the US, they are even more valuable in countries with poor payment systems.
“Many of these things are potentially cool and valuable in the United States but more so when you look globally. That’s where you’ll find places with really poor alternatives for payment rails and huge demand for something better,” he said.
As part of its ongoing commitment to supporting crypto entrepreneurs, the credit card giant has also launched a NFT-focused program earlier this year.
A program called Visa Creator was designed for business owners who are interested in incorporating NFT technology into their operations.
In addition to boosting participants’ businesses with a one-time cash injection, the program offers select members access to Visa’s team of digital asset experts.