Paypal, Visa, and Western Union File Web3 Trademark Applications in the Same Week
All three global payment giants filed for Web3 trademarks at the same time, making a deeper foray into the nascent industry.
Global payment giants have forayed into Web3 in unison
In what seems like a remarkable coincidence, three major payment service providers - PayPal, Visa, and Western Union - have registered Web3-related trademarks in the same week, signaling plans for a more extensive move into the nascent industry.
According to trademark attorney Mike Kondoudis, these applications were submitted to the United States Patent and Trademark Office (USPTO) by both PayPal Inc. and Western Union Holdings Inc. on October 18th and Visa International Service Association on October 22nd.
Here are the goods and services covered under the applications:
PayPal registered its logo as a trademark for crypto-related services
First off, PayPal has filed trademark applications for its brand name "PAYPAL" and its "overlapping Ps" logo, indicating plans to offer services in terms of exchanging, trading, and processing transfers of cryptocurrency and digital tokens.
Downloadable software for sending and managing virtual currency, as well as payment processing services for virtual currency transactions, are the two major services to be offered under the company's newly registered trademark.
Western Union to introduce electronic wallets and exchange services for digital assets
On the same day as PayPal's filing, Western Union submitted three trademark applications, claiming plans for electronic wallet management, virtual currency exchange and transfer, cryptocurrency trading and brokerage, issuance of tokens of value, and more.
Visa is planning to offer NFTs and build its own metaverse
Lastly, Mastercard's long-time rival Visa has jumped on the bandwagon by filing two trademark applications with several Web3 ventures in the plan.
Not only the global payment giant is looking to offer NFTs, virtual goods, and crypto management services, but it's also looking to provide virtual environments for entertainment purposes under its newly registered trademarks.
Although some of these financial firms are late to the party, their latest entrance may prove to be pivotal in the mainstream adoption of Web3.