A USPTO-licensed trademark lawyer named Mike Kondoudis claimed in a tweet that Visa had submitted two trademark applications claiming plans for controlling digital, virtual, and cryptocurrency transactions, and more
Visa has been involved in the cryptocurrency industry for a while. For over 80 million merchants to accept cryptocurrency payments, the company has worked with more than 65 cryptocurrency businesses, including exchanges and wallet service providers.
The idea to allow cryptocurrency trading on its network was announced by Visa CEO Alfred Kelly in January 2021. He claimed Visa is investing heavily in cryptocurrencies in anticipation of their becoming incredibly mainstream. The massive payments company started offering crypto advice services in December 2021.
The USPTO has received more and more trademark applications from businesses related to cryptocurrencies and the metaverse. Paypal and Western Union submitted trademark applications for several crypto services last week. Formula One registered “F1” as a trademark for eight different products and services in the crypto and metaverse earlier this month. Ford submitted 19 trademark applications in a similar manner last month. Two were submitted by the world’s largest online retailer eBay in June, five were submitted by Facebook owner Meta in May, and fifteen were submitted by Mastercard in April.
Liink (based on Onyx), a network designed specifically by Jp Morgan for international transactions, has connected its Confirm platform to Visa’s B2B Connect. Confirm verifies account information and ensures that parties to transactions provide authentic 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 cooperation between Visa and JPMorgan and its suite of blockchain technologies look to be a viable alternative to the SWIFT messaging system, which is frequently used.
SWIFT has been investigating the potential of developing a cryptocurrency-based money transfer service, as reported by Todayq. The cross-chain interoperability protocol developed by Chainlink is being used in a “proof-of-concept” project that the worldwide financial messaging service is working on alongside Chainlink (CCIP). SWIFT is now able to conduct token transfers between several blockchains (almost all of them).