PayPal and Western Union have both filed for 3 new trade mark applications covering a variety of crypto services. PayPal’s application was also for their logo.
PayPal
Mike Kondoudis, a licensed trade mark solicitor, tweeted “PayPal has filed trade mark applications for its overlapping Ps logo. The apps claim plans for exchanging, trading, and processing transfers of blockchain and digital assets, crypto and digital and virtual currencies”.
The trade mark application numbers are 97636933, 97636892 and 97636857.
The trade mark covers downloadable software for sending, receiving, accepting, buying, selling, storing, transmitting, trading and exchanging digital currency, virtual currency, cryptocurrency, stable coins, digital and blockchain assets, digitised assets, digital tokens, crypto tokens and utility tokens.
PayPal’s cryptocurrency platform allows customers to transact with four different cryptocurrencies: bitcoin, Ethereum, Litecoin and bitcoin cash. PayPal recently began allowing users to transfer crypto to other wallets and exchanges. However, PayPal were tangled in a bit of controversy when people on social media noticed that PayPal’s new term of service allowed them to fine customers $2500 for spreading misinformation. PayPal consequently alleged this was an error.
Western Union
Western Union also filed for 3 new trade mark applications claiming plans for financial banking and insurance, virtual currency exchange and transfer, crypto trading and issuing tokens of value.
The trade mark application serial numbers are 97641189, 97641182 and 97641176.
In light of the recent blow up and inevitable growth of cryptocurrency many companies are filing trade mark applications in relation to cryptocurrency as in the future it seems to be heading in the direction of an accepted form of payment for goods or services.
Companies in the likes of Formula 1 filed eight trade mark applications covering many crypto and metaverse products and services. This shows awareness of crypto is spreading throughout and has already been acknowledged by massive organisations.
By Zohaib Tahir, an LLM student at Solent University
