Visa To Launch Crypto Wallets, NFTs And Metaverse

Crypto adoption, the two magic words that every digital asset enthusiast dreams of. The adoption of cryptocurrency in the whole economy, with all vendors and businesses being connected with the blockchain, that sounds amazing, doesn’t it? 

However the issue is, we’re not there yet, not by a long shot. We are moving in the right direction but a lot has to be done before we’ll get there. One of the stones in the way is the mistrust people still have of cryptocurrencies.

Many ignorant people only see digital assets as speculative ones, with no underlying value. However, that may change when they see big and reputable companies such as Visa jumping on the crypto bandwagon. Institutional support of cryptocurrencies is a gift that keeps on giving and big money has played a huge part in the current crypto adoption. 

Today we’ll be exploring everything on Visa’s latest move in the cryptoverse. So let’s get to it! 

The trademark application

Visa, the world-famous credit card leader is making a big move in the crypto space. The company has just recently applied for a crypto solution trademark application:

Visa has not officially stated a lot but the disclosure more than likely means that the company is working on creating cryptocurrency solutions.

More specifically the disclosures mentioned 2 filed trademarks. The first is according to the Patent and Trademark Office (USPTO) a filing for software and managing digital, virtual, and cryptocurrency transactions while the other is a crypto wallet.

In the filling, we can also read that Visa may be stepping into the Metaverse claiming the company is working on “virtual environments in which users can interact for recreational, leisure, or entertainment purposes.”

As the document reads, the credit card giant may soon enough be offering a full Metaverse experience as well as software for managing and auditing cryptocurrencies. Presumably, these will be seamlessly integrated and complete with other Visa services. 

Why is Visa interested in crypto?

Visa has always been known as a crypto-friendly company, so the news of it developing a Metaverse and crypto wallet may not come as a surprise to some who’s well acquainted with the company. 

Last October the company started an NFT program to support the CryptoPunk NFT developers. The news was huge as the emerging NFT market is in desperate need of real institutional support. 

Another more recent partnership is with the crypto exchange Blockchain.com. The companies worked together to create a crypto debit card that automatically sells your cryptocurrency in exchange for fiat at every swipe. 

In April 2023, Visa announced the recruitment of developers for its crypto team. This was announced by the head of the department Cuy Sheffield:

According to the job description, candidates must understand the features of Layer 1 and Layer 2 blockchain solutions and be able to create smart contracts in Solidity and Move.

The fact that Visa is already hiring people for their crypto department is a good sign meaning that the company is actually working on it.

What the future holds for Visa in crypto 

Visa has done a lot to help the cause of crypto adoption and its latest endeavor is without a doubt the most ambitious yet. The crypto wallet space is certainly crowded with countless competitors offering their services, however, Visa could bring some fresh air. 

However, most crypto wallets are still far from perfect. One of the main issues is security. Hacks and security breaches still happen even with well-established cloud wallets.

But with the huge amount of capital that Visa has it could develop a wallet with some innovative security solutions. These may just be speculations but given the experience, Visa has in the field the wallet is an interesting prospect to look out for. 

The wallet would presumably be integrated with the Metaverse the company is also developing. Not a lot of information has been yet disclosed however both projects are a huge opportunity for the crypto space. 

Conclusion

The crypto sphere has an undeniable trust issue. No matter how revolutionary the technology is, a lot, probably some people just don’t seem to get it. For them, crypto is “dangerous”, and they are not yet ready to take the lead into the unknown. 

However crypto looks more and more trustworthy when big and reputable companies such as Visa join the fun. On top of the exciting innovation Visa would bring to the space, the move is without a doubt a step towards crypto adoption.