Visa’s Vision for Crypto and the Metaverse
With the advent of cryptocurrencies and the metaverse, legacy financial institutions have a unique opportunity to expand their services to meet evolving consumer demands. Visa, the world’s largest financial services provider, has signaled its intentions to enter the metaverse and digital currency sectors.
According to trademark filings disclosed by trademark attorney Michael Kondoudis in October 2022, Visa has outlined plans for:
- Managing digital, virtual, and cryptocurrency transactions
- Providing digital wallets for crypto
- Developing NFTs and virtual items
- Creating virtual environments
Visa’s commitment to the crypto industry is not new. In 2021, Visa launched its NFT program, supporting the ecosystem by acquiring a ‘punk’ from the CryptoPunk collection. If its latest proposals are approved, Visa aims to offer digital payment solutions and crypto auditing tools, enhancing its role in the digital economy.
Mastercard’s Commitment to Crypto Security
Mastercard has actively collaborated with clients and stakeholders to make crypto more accessible, secure, and reliable. Technologies like Finicity, Ekata, RiskRecon, and CipherTrace have been integrated to strengthen its crypto offerings. Mastercard now allows financial institutions to directly manage crypto assets for their customers, paving the way for broader adoption.
Additionally, Mastercard’s Crypto & Digital Currencies Consulting Services continue to assist banks, government bodies, and organizations in navigating the crypto landscape.
Current Crypto Offerings from Mastercard
Mastercard’s current suite of crypto-related services includes:
- Secure purchasing, holding, and selling of crypto assets through partnerships
- Identity solutions, crypto analytics, and monitoring for compliance and fraud prevention
- Spending and withdrawal options via crypto cards and open banking technologies
- Consulting services for banks and fintechs to scale crypto initiatives
The company’s recent initiative, Crypto Source™, aims to empower financial institutions to provide secure crypto trading services, complemented by Crypto Secure™ for enhanced security and regulatory compliance.
Other Key Players in the Crypto Space
Other financial service providers, including PayPal and Western Union, are also entering the crypto domain. PayPal, for instance, plans to offer software enabling users to buy, sell, store, and trade digital assets, while Western Union is exploring token-based money transfers and a digital marketplace.
