Visa about to add full crypto based in its latest trademark applications Qoute Coin
New York City: According to a filing published today by the U.S. Patent and Trademark Office, Visa is preparing to launch a new digital currency platform dubbed VISA Crypto to let consumers exchange cash for digital assets, among other potential services. The patent application states the platform would also let users conduct transactions in fiat currencies like the U.S. dollar and Japanese yen.
Visa has not publicly announced the new program, but based on the patent application, it will allow consumers to exchange cash for digital currencies such as Bitcoin, Litecoin and Ethereum and vice-versa.
According to a filing published today by the U.S. Patent and Trademark Office, Visa is preparing to launch a new digital currency platform dubbed VISA Crypto to let consumers exchange cash for digital assets, among other potential services.
In its application for “Visa Crypto,” filed in June 2018 and granted on July 31st, 2019 (the “Application”), Visa describes itself as “a payment system that enables users of fiat currency (i.e., legal tender) such as U.S dollars or euros to purchase items in real time on the internet using their bank account information.”
Visa has not publicly announced the new program, but based on the patent application, it will allow consumers to exchange cash for digital currencies such as Bitcoin, Litecoin and Ethereum and vice-versa.
The patents cover a system that allows merchants to process payments in cryptocurrencies such as Bitcoin through Visa’s network. The system includes identification of customers using biometric data or other methods; generating a unique transaction ID; storing personal information about them in an encrypted database; issuing tokens that are redeemable at end points designated by retailers when they purchase goods or services; processing transactions using existing payment rails like VisaNet (the company’s core payment processing network).
The patent application states the platform would also let users conduct transactions in fiat currencies like the U.S. dollar and Japanese yen.
The patent filing describes how a user can enter into a swap agreement with another user, which is essentially a way of exchanging one cryptocurrency for another without having to exchange your own private key or wallet address. The system allows users to make sure they won’t lose their funds if they don’t have access to them anymore (because someone else has them). It also lets you lock down your wallet so that no one can take it out from under you or empty out its contents without your permission first!
Visa is going full crypto based on its latest trademark applications
The credit card giant has filed for three different trademarks with the U.S. Patent and Trademark Office, including Visa Crypto and Visa Digital Cash. The latter would allow consumers to exchange cash for digital currencies such as Bitcoin, Litecoin and Ethereum and vice-versa.
This is not the first time that Visa has filed for a digital currency platform. In 2014, Visa applied to trademark the name VISA Crypto and in 2015, it trademarked VISA Token.
