Friday, December 3

Visa intends to process payments in cryptocurrencies in Brazil

The multinational Visa wants to work with the processing of payments in cryptocurrencies and NFTs in Brazil.

For a few months this company has closed important partnerships around the world with cryptocurrency companies.

In early 2021, Visa’s CEO even stated that he viewed Bitcoin as digital gold, before the company created an infrastructure to enable the purchase and sale of cryptocurrencies.

At a recent event with the participation of Visa’s VP in Brazil, he recalled that the company made the NFT purchase for more than R$800 thousand, which drew the attention of the global financial sector.

It is worth remembering that Mastercard, Visa’s main competitor, is also positioning itself in the sector, starting to accept Bitcoin on its network since last October.

What does Visa’s trademark registration request in Brazil say, which indicates that the company must work with cryptocurrencies and NFTs?

In an application filed with the INPI last October 22, the Visa International Service Association filed an application for trademark registration in Brazil. This request makes it clear that the company wants to register its trademark in the country, known by a blue strip, on top of a white strip and a gold strip, all horizontally.

The request was made by the legal representative Montaury Pimenta, Machado & Vieira de Mello Advogados. In the formal presentation to INPI, Visa asked that its brand be linked to the financial services sector, credit and debit cards, as well as electronic funds transfer, among others.

But what stands out in the registration request is that Visa asks to work with the processing of payments in cryptocurrencies, exchange of these currencies and even NFTs, a sector that the company has recently entered.

“Cryptocurrency payment processing services; cryptocurrency exchange services with blockchain technology; issuance of value tokens; financial exchange of virtual currency, in the area of ​​non-fungible tokens (NFT)”.

Visa requests trademark registration in Brazil and mentions cryptocurrencies /Credit: INPI

Seeing a large company already making it clear that it intends to serve the market is just another chapter that has become commonplace in 2021, the year in which companies from all over the world entered this space with force.

It is worth remembering that Visa’s request is still in its initial phase at the INPI, as it will have to wait 90 days for registration challenges. Even so, it shows that the company arrives in Brazil already placing cryptocurrencies as an activity associated with its brand.

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