With the world of crypto getting ever larger by the day, and with adoption among both the public and institutions increasing at a rapid rate… how are traditional banking and finance companies seeking to capitalise?

In today’s post, the team at Crypto Lists explores how Visa and Mastercard – two of the most famous legacy financial institutions – are looking to get into crypto.

Visa crypto and metaverse ambitions

Due to the emergence of cryptocurrencies and the concept of the metaverse, traditional banking institutions now possess the opportunity to grow their operations and meet consumer demand. The largest financial services company, Visa, has announced its interest in and intentions to offer services in the metaverse.

The trademark that was applied to the United States Patent and Trademark Office (USPTO) was disclosed in a tweet by certified trademark lawyer Michael Kondoudis on October 27.

If the proposal is approved, Visa will also offer software for managing digital payments and auditing cryptos. The biggest payments corporation in the world also wants to provide online communities that promote amusement-related social contact. Visa has submitted two trademark applications stating intentions for:

• Offering virtual worlds
• Managing digital, virtual, and cryptocurrency transactions
• Digital currency and crypto wallets
• NFTs and Virtual items

The application strengthens Visa’s substantial involvement in the cryptocurrency market and its recent launch of related products. For instance, the company announced its NFT program in October 2021 to support the field before purchasing its own ‘punk’ from the CryptoPunk collection.

Mastercard’s move into crypto: exploring their crypto services

Mastercard has been collaborating with its clients and stakeholders over the recent years to introduce new features and services that contribute to making cryptocurrency more available, secure, and safe. Finicity, Ekata, RiskRecon, and CipherTrace are additional technologies that have been added to these initiatives as a complement. Eligible financial firms now have the option to manage customer holdings in crypto assets directly, thanks to this special mix of services. Through its Crypto & Digital Currencies Consulting Services, Mastercard also continues to assist banks, government agencies, and other organizations.

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The safety initiative

In order to help financial institutions offer safe crypto trading services and products to their clients, Mastercard recently announced Crypto SourceTM, a new initiative.

According to the 2022 Mastercard New Payments Index, 29% of responders globally own cryptocurrencies as investments. Another 65% said they preferred their existing reputable financial institution to offer services connected to cryptocurrencies.

Mastercard’s financial services partners will have access to a full range of purchase, hold, and sell services for a selection of crypto assets and proven identity, cyber, security, and consulting services through partnerships with controlled and certified cryptocurrency custody providers. In order to strengthen the crypto ecosystem’s security and assist card issuers in adhering to onerous rules, this Crypto Source product is complimented by Mastercard Crypto SecureTM.

The current range of crypto-related services offered by Mastercard

  1. Support from partnerships and technology to facilitate purchasing, holding, and selling certain crypto assets.
  2. Identification solutions from Mastercard, crypto analytics, monitoring and reporting, anti-money laundering, “Know Your Business” and lifecycle phases, cybersecurity, and biometrics are all included in security management.
  3. Available through various products, like crypto cards, open banking, and cross-border operations, is the ability to spend and withdraw cryptocurrency. Using Mastercard’s technology, financial firms would be able to provide extra features like virtual receipts and loyalty programs.
  4. Offering end-to-end assistance for banks, fintechs, and issuers to deliver crypto initiatives at scale, crypto program management entails program design, product innovation, and technology solutions, as well as go-to-market enhancement and marketing consulting services.

Other market players

In the virtual world, crypto interest among other payment service providers like Western Union and PayPal is also increasing. In this case, PayPal plans to offer software that users may install in order to buy crypto as well as sell, store, and trade virtual and digital assets, including money and tokens.
Western Union also intends to enhance its current money transfer business by launching its own tokens and offering a digital marketplace.


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Conclusion

Even though the metaverse continues to be in its inception, it is significant to highlight that prominent companies in the traditional sector have started to accept it because of its potential. The interest is shown by recent data highlighting more than 3,600 trademark applications in the United States for cryptocurrencies from January 1 to August 31, 2022. You can rest assured that the team at Crypto Lists will keep you up to date on all the latest goings on and happenings crypto becomes a larger part of people’s everyday financial lives.

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