In a striking response to growing cryptocurrency skepticism during the current bear market, financial services giants Visa, PayPal and Western Union have unveiled new trademarks related to cryptocurrency and Web3-related products and services. One of the notable companies that applied last week.
Visa Eyes Crypto Wallets and Metaverse
according to visa filing, the company considers a “cryptocurrency wallet”, which it describes as “allowing users to view, access, store, monitor, manage, trade, send, receive, Software for transmitting and exchanging assets, and non-fungible tokens (NFTs). “
Visa may also set up shop in the Metaverse, as it considers “providing virtual environments that users can interact with for recreational, leisure, or entertainment purposes that are accessible in a virtual world.”
PayPal still working on its own wallet
Paypal’s trademark application “Crypto” is mentioned 18 times and “transmits, receives, accepts, buys, sells, stores, stores, digital currencies, virtual currencies, cryptocurrencies, stablecoins, digital and blockchain assets, digitized assets and digital tokens. Downloadable software for sending, trading and exchanging crypto and utility tokens. “
PayPal I have already authorized that user You can buy Bitcoin, Ethereum, Bitcoin Cash (BCH), Litecoin (LTC) and send it to another wallet, but you are obviously building your own crypto wallet.
Western Union Goes Big with Digital Currency
Western Union’s filing It appears to cover all aspects of digital payments, including “managing and maintaining digital currencies and e-wallets”. Like others, WU plans to have “downloadable software for generating cryptographic keys for receiving and using cryptocurrencies.”
Despite a prolonged crypto winter, crypto trademark filings have been going steadily for some time, as trademark attorneys point out Mike Kondodis including on Twitter Viking cruiseand cosmetics retailers Ulta last week.
Indeed, trademark filings are often defensive legal actions and do not guarantee that the products or services covered will actually be developed and marketed. However, it shows that the company is aware of the potential future market and is ready to enter it.
In October alone, Web3 and NFT filings included musical instrument maker Fender, food giants Del Monte and Kraft (for the iconic Wienermobile), hamburger chain Inn-N-Out, snack maker Takis, and wine and spirits company Fender. It came out from different brands, such as the company. Moët Hennessy, Auto racing company Formula One, online betting platform DraftKings, and singer Lizzo.
NFTs, digital goods and collectibles seem to be the hottest categories of potential interest for American businesses. So far this year, Kondodis said he has filed more than 6,300 U.S. trademark applications for NFTs and related goods, and for the entirety of 2021, he will have only 2,100.
The broader digital and cryptocurrency space saw over 4,300 US trademark filings in 2022, compared to 3,500 in 2021.
