Financial services behemoths Visa, PayPal, and Western Union were among the notable companies that filed new trademark applications involving crypto and Web3 related products and services in the last week, providing a startling contrast to the increased scepticism about cryptocurrencies during the current bear market.
Visa is considering “offering virtual settings in which users can interact for recreational, leisure, or entertainment purposes accessible in the virtual world,” and could open an office there.
Visa plans to use a cryptocurrency wallet and metaverse
Visa has reportedly been considering creating a “cryptocurrency wallet,” which would allow users to view, access, store, monitor, manage, trade, send, receive, transmit, and exchange digital currency, virtual currency, cryptocurrency, digital and blockchain assets, and non-fungible tokens (NFTs), according to Visa’s filings.
Still developing its own wallet is PayPal
The word “crypto” is mentioned 18 times in PayPal’s trademark application, starting with “downloadable software for sending, receiving, accepting, buying, selling, storing, transmitting, trading and exchanging digital currency, virtual currency, stablecoins, digital and blockchain assets, digitised assets, digital tokens, crypto tokens and utility tokens.”
Western Union is investing more in cryptocurrencies
Western Union plans to use “downloadable software for generating cryptographic keys for receiving and spending cryptocurrency,” just like the others, in its filing, which appears to cover every aspect of digital payments, including “the management and maintenance of digital currency and electronic wallets.”
PayPal now enables customers to purchase cryptocurrencies like Bitcoin, Ethereum, Bitcoin Cash (BCH), and Litecoin (LTC) and send them to external wallets, but it is obviously still developing its own cryptocurrency wallet.
According to trademark lawyer Mike Kondoudis on Twitter, despite the prolonged crypto winter, a steady stream of companies, including Ulta and Viking Cruises, have recently filed for bitcoin trademarks.
True, trademark applications are frequently defensive legal proceedings, and they don’t ensure that the covered goods and services will ever be produced and offered for sale. However, they do show that a business is aware of a potential future market and wants to be ready to enter it.
Only in October have companies as diverse as Fender, a manufacturer of musical instruments, food goliaths Del Monte and Kraft (concerning its iconic Wienermobile), the Inn-N-Out burger chain, Takis, wine and spirits producer Mot Hennessy, Formula One, a provider of online sports betting, DraftKings, and singer Lizzo filed Web3 and NFT filings. NFTs, digital goods, and collectibles seem to be the most popular category among possible business sectors in the United States. According to Kondoudis, more than 6,300 U.S. trademark applications have been submitted so far this year for NFTs and associated products, compared to just 2,100 for the all of 2021.
Over 4,300 U.S. trademark applications have been filed in the cryptocurrency and broader digital currency industry in 2022, up from 3,500 in 2021.
- Western Union, Visa, and PayPal One of the Fall Wave of Crypto Trademark Applications
- Check all news and articles from the latest Business news updates.