PayPal and Western Union have each submitted three new trademark applications for a diverse array of crypto services. Additionally, PayPal’s applications are for the payments titan’s logo. After witnessing the success of cryptocurrencies, established financial heavyweights have embraced this innovative technology.
A trademark is a word, name, symbol, design, or phrase used to identify and distinguish a product or service and its source. When attempting to trademark a cryptocurrency, the requirements can pose difficulties.
A crypto that functions just as a medium of exchange, such as traditional cash, may not qualify as a product or service. However, an item or service related to a function could enable trademarking a cryptocurrency’s name.
Western Union joins in on crypto trademarks
As Western Union faces increasingly diverse competition in the remittances business, its trademark filings appear to allude to an asset and commodity exchange, insurance, and its coin. Trademarks for crypto services are on the rise, and this financial titan has jumped on the bandwagon to grow its financial services.
Western Union may be prepared to offer crypto-related services, judging by the company’s recent trademark applications. This is the most recent of the company’s numerous attempts to penetrate the cryptoverse. It has had partial efficacy thus far.
On October 18, Western Union filed for three trademarks. According to trademark attorney Mike Kondoudis, the applications cover operations such as managing wallets, transferring digital assets and derivatives of commodities, issuing tokens of value, and brokerage and insurance services.
Western Union is a prominent provider of cross-border remittance services and exhibited early interest and skepticism towards cryptocurrencies. In 2015, it teamed with Ripple to settle remittance payments.
Three years later, this partnership remains in the trial phase. As a result, Western Union announced that it would not offer crypto transfer services in the near future.
The remittance market is growing more competitive. This year, several crypto firms have joined the Mexican market. In addition, various solutions for financial inclusion offer alternatives to typical remittance providers.
Western Union is preparing to offer remittance services and more on the crypto market, such as an exchange for digital assets and insurance. Additionally, it may also launch its token. Western Union is embracing a busy and competitive market where PayPal and MasterCard have recently dominated.
PayPal set to expand digital offerings
PayPal has filed a new trademark application that hints at establishing a service tied to numerous features of blockchain technology. October 18 filing strongly suggests the emergence of a non-fungible token (NFT) marketplace.
PayPal submitted two logo trademark applications. The first pertains to “downloadable software” for trading and storing cryptocurrency. The second section addresses payment processing services associated with cryptocurrency.
An excerpt from one of the trademark applications explains that the mark encompasses “downloadable software for sending, receiving, accepting, buying, selling, and storing.
Moreover, it covers transmitting, trading, and exchanging digital currency, virtual currency, cryptocurrency, stablecoins, digital and blockchain assets, digitized assets, digital tokens, crypto tokens, and utility tokens.”
PayPal currently supports crypto purchases on its platform. However, this submission suggests additional information. The filing’s phrasing encompasses a far broader scope of assets. Mike Kondoudis, a registered trademark attorney with the USPTO, stated on Twitter that this application relates to NFTs and the metaverse.
Although there is no confirmation of this, it would not be shocking if it were true. The finance company would join a lengthy list of companies that are launching Web3 and metaverse initiatives.
Over the past two years, PayPal has been increasing its focus on cryptocurrencies. First, the business stated that users could purchase cryptocurrencies on its site, which was significant market news.
However, it has only lately allowed users to transfer these funds to wallets outside the platform. It revealed late last year that it would implement additional crypto-related functionality. An NFT marketplace could be one of these enhancements.
At the beginning of this month, social media users discovered that PayPal’s revised terms of service permitted the business to charge consumers $2,500 for sharing false information. The corporation later stated that it was an oversight.
Recently, PayPal established a partnership with Coinbase‘s TRUST network. Many viewed this as an endorsement of the industry. The TRUST network adheres to the banking industry’s Travel Rules while safeguarding consumers’ security and privacy.
Earlier this year, PayPal also established an advisory council for bitcoin and blockchain technology. Executives of the corporation stated that engaging with governments was essential for overcoming obstacles and capitalizing on possibilities.
A rising number of companies have submitted trademark applications with the USPTO connected to crypto and the metaverse. Formula One submitted eight trademark applications for “F1,” encompassing numerous crypto and metaverse products and services earlier this month.
Additionally, Ford filed 19 similar trademark applications last month. eBay filed two related trademark applications in June. Finally, Facebook owner Meta filed five in May and MasterCard filed fifteen in April.