Visa files for trademark to accommodate its expansion in the cryptocurrency space

A U.S. Patent and Trademark Office-licensed trademark attorney named Mike Kondoudis tweeted that Visa has filed two trademark applications alleging plans to control Crypto, virtual and cryptocurrency transactions, among others

Visa has been involved in the cryptocurrency industry for some time. To allow more than 80 million merchants to accept cryptocurrency payments, the company has partnered with more than 65 cryptocurrency businesses, including exchanges and wallet service providers.

Visa CEO Alfred Kelly announced the idea of ​​allowing crypto transactions on its network in January 2021. He claims that Visa is investing heavily in cryptocurrencies in the hope that they will become incredibly mainstream. The major payments company began offering cryptocurrency advice services in December 2021.

The U.S. Patent and Trademark Office has received an increasing number of trademark applications from businesses related to cryptocurrencies and the Metaverse. Last week, Paypal and Western Union filed trademark applications for several cryptocurrency services. Earlier this month, Formula 1 registered “F1” as a trademark for eight different products and services in the cryptocurrency and metaverse. Ford filed 19 trademark applications in a similar fashion last month. In June, eBay, the world’s largest online retailer, submitted two, Facebook owner Meta submitted five in May, and Mastercard submitted 15 in April.

Liink (based on Onyx), Jp Morgan’s network specifically designed for international transactions, has connected its Confirm platform to Visa’s B2B Connect. Confirm verifies account information and ensures that all parties to the transaction provide true information and identification. According to Onyx, Confirm can verify more than 2 billion bank accounts from 3,500 banking institutions.

When it comes to monitoring and facilitating cross-border payments, the collaboration between Visa and JPMorgan and its suite of blockchain technology looks like a viable alternative to the commonly used SWIFT messaging system.

As reported by Todayq, SWIFT has been researching the potential of developing a crypto-based remittance service. A cross-chain interoperability protocol developed by Chainlink is being used in a “proof-of-concept” project, which the Global Financial Messaging Service is working on with Chainlink (CCIP). SWIFT is now able to transfer tokens between multiple blockchains (almost all blockchains).

Source of information: Compiled from TODAYQ by 0x Information.The copyright belongs to the author Om Labde, and may not be reproduced without permission

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