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Three global payment giants have forayed into this nascent industry by simultaneously filing Web3 trademarks.
Global payment giants have forayed into Web3 in unison
In a seemingly remarkable coincidence, three major payment service providers – PayPal, Visa and Western Union – registered trademarks related to Web3 in the same week, signaling their plans for a broader entry into the nascent industry.
According to trademark attorney Mike Kondoudis, the applications were filed with the U.S. Patent and Trademark Office (USPTO) on Oct. 18 by PayPal Inc. and Western Union Holdings Inc. and on Oct. 22 by Visa International Service Association. .
The following are the goods and services covered by their applications.
First, PayPal filed a trademark application for its brand name “PAYPAL” and its “overlapping Ps” logo, indicating plans to provide services in the exchange, trading, and processing of transfers of cryptocurrencies and digital tokens.
Downloadable software for sending and managing virtual currencies, and payment processing services for virtual currency transactions are the two main services that will be offered under the company’s newly registered trademarks.
#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#NFTs #Metaverse #Web3 #Cryptocurrency pic.twitter.com/FadV1SiCfV— Mike Kondoudis (@KondoudisLaw) October 24, 2022
Western Union to introduce electronic wallets and exchange services for digital assets
On the same day that PayPal filed its application, Western Union filed three trademark applications claiming that it plans to introduce electronic wallet management, virtual currency exchange and transfer, cryptocurrency trading and brokerage, and issuance of value tokens.
#WesternUnion 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#Web3 #Metaverse #Cryptocurrency #NFT #DeFi pic.twitter.com/YvKysvj3mq— Mike Kondoudis (@KondoudisLaw) October 25, 2022
Visa is planning to offer NFTs and build its own metaverse
Guess what? Visa, MasterCard’s longtime rival, has jumped on the bandwagon, filing two trademark applications for several planned Web3 ventures.
The global payments giant wants to offer not only NFTs, virtual goods and cryptocurrency management services, but also virtual environments for entertainment under its newly registered trademarks.
Although some of these mainstream financial companies are late to the party, their latest entry could help jumpstart the growing adoption of Web3.
VISA has filed 2 trademark applications claiming plans for:
▶️ Managing Digital, Virtual, and Cryptocurrency transactions
▶️ Digital currency + Cryptocurrency wallets
▶️ NFTs + Virtual goods
▶️ Providing virtual environments
…and more#NFT #Metaverse #Web3 #Cryptocurrency pic.twitter.com/SnTkt8jx4o— Mike Kondoudis (@KondoudisLaw) October 27, 2022
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