Recently both Paypal and Western Union have announced their application for 3 trademark applied by each for crypto-related services. With the increasing demand and adoption of crypto, it is a fair step taken by both companies.
Paypal was one of the very first platforms, especially in fintech platforms that approved crypto transactions, but currently, multiple platforms have also started doing the same.
Paypal’s crypto trademark
Paypal has filed for 3 trademark applications related to crypto services at the United States Patent and Trademark Office (USPTO). The trademark was filed on the 18th of October and the designated serial number for these filled applications were 97636933, 97636892, and 97636857. This news was shared by the USPTO-licensed trademark attorney, Mike Kondoudis on Monday through a tweeter post where he said: -
“Paypal has filed trademark applications for PAYPAL and its “overlapping Ps” logo. The apps claim plans for exchanging, trading, and processing transfers of Blockchain + digital assets, Crypto + digital + virtual currencies…and more”.
The trademark will cover "downloadable software for sending, receiving, accepting, buying, selling, storing, transmitting, trading, and exchanging digital and blockchain assets, digitized assets, digital tokens, crypto tokens, and utility tokens," according to an excerpt from one of the trademark applications.
Paypal has already started its journey with cryptocurrency in March of last year, when PayPal launched Checkout with Crypto, allowing consumers to pay for online purchases with cryptocurrency. After that, in March 2022, PayPal updated its user guidelines and stopped including the Seller Protection Program for NFT sales over $10,000. This move is seen as a preventative measure against NFT market fraud.
Customers can transact with four distinct cryptocurrencies through Paypal's cryptocurrency platform in the United States and U.S. territories (apart from Hawaii). These are Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). Users can now transfer cryptocurrency to different wallets and exchanges thanks to the payments company. Earlier this month, Paypal became the subject of debate after social media users discovered that the company's updated terms of service permitted it to fine users $2,500 for spreading false information. Later, the business claimed that it was a mistake.
Western Union’s trademark
USPTO-licensed trademark attorney, Kandoudis also shared a tweeter post for the three trademarks filed by the Western Union on the same day as Paypal. In the Twitter post, Kandoudis mentioned as
“Western Union has filed 3 trademark applications claiming plans for Financial + Banking + Insurance, Virtual currency exchange + transfer, Commodity and Crypto trading + brokerage, Issuing tokens of value…and much more”.
The serial number for the trademark application are 97641189, 97641182, and 97641176. The trademark information includes
- Management and maintenance of digital currency and electronic wallets.
- Digital currency exchange operations
- Electronic commodities, cryptocurrencies, and digital assets exchange services.
- Providing an exchange for commodities and commodities derivatives, cryptocurrencies, and digital assets.
- Insurance of tokens of value
- Insurance and Insurance agency and brokerage
- Trading of commodities and commodity derivatives, cryptocurrencies, and digital assets for others.
- Providing financial brokerage services in the nature of the offering, sponsoring, managing, and administering commodities, commodity derivatives, cryptocurrencies, digital assets, and related financial instruments.
In addition to remittance services, Western Union is getting ready to provide insurance and exchange for digital assets on the crypto market. It might also introduce its token at this time. In a crowded and very competitive sector where MasterCard and PayPal have previously ruled, Western Union is gaining ground.
Other filed crypto trademarks by the companies
With the USPTO, an increasing number of businesses have submitted trademark applications relevant to cryptocurrencies and the metaverse. Formula One registered "F1" as a trademark for eight different products and services in the crypto and metaverse earlier this month. Ford submitted 19 trademark applications in a similar manner last month. Two were submitted by the world's largest online retailer eBay in June, five were submitted by Facebook owner Meta in May, and fifteen were submitted by Mastercard in April.
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