Last Updated on March 15, 2022
- New trademark filings indicate American Express’ intent to provide virtual financial services.
- It also includes e-commerce software that allows users to perform transactions in the metaverse.
- Trademark applications include the provision of an NFT marketplace.
American Express has filed seven new trademark applications, signalling its intent to enter the metaverse, a tweet by trademark lawyer Mike Kondoudis revealed.
Submitted to the U.S. Patent and Trademark Office (USPTO) on March 9th, the trademark applications were filed to register American Express’ name, logo, and slogans, including AMEX, SHOP SMALL, and MEMBERSHIP REWARDS.
The trademark applications cover a variety of digital assets and financial goods and services, including the following:
• Downloadable computer software for creating, distributing, and managing physical and virtual payment cards and card transactions
• Downloadable computer e-commerce software to allow users to perform electronic business transactions in the metaverse and other virtual worlds
• Digital media, namely, non-fungible tokens (NFTs) featuring textual and graphic content
• Provision of an online marketplace for buyers and sellers of digital media, namely, non-fungible tokens (NFTs) featuring textual and graphic content
• Banking services in the metaverse and other virtual worlds
• Digital currency, cryptocurrency, virtual currency services
• Virtual credit cards and concierge services
Notably, the Class 36 trademark covers “financial services, namely, providing a financial exchange for the trading of digital currency, virtual currency, cryptocurrency, digital and blockchain assets, digitized assets, digital tokens, crypto tokens and utility tokens; Cryptocurrency trading services; Cryptocurrency exchange services; Cryptocurrency payment processing; Financial consultation in the field of digital currency, virtual currency, cryptocurrency, digital and blockchain assets, digitized assets, digital tokens, crypto tokens and utility tokens; Providing electronic processing and tracking of electronic funds transfers.”
This hints at American Express possibly launching its very own cryptocurrency exchange in the future.
“American Express is a leading financial brand, and the value attached to the brand is significant,” Mr. Kondoudis says. “Clearly, American Express sees the potential of the Metaverse and is preparing its trademarks and brand for the virtual economy that will dominate it.”
Mr. Kondoudis adds that “perhaps the most interesting aspect of these applications is that they appear to signal the start of a new trend of Metaverse trademark filings from the financial services sector.”
Other financial service providers that have been banking on potential opportunities in the metaverse include JP Morgan. It was the first bank to open its virtual lounge named Onyx in Decentraland in February.
While the wall street giant did not announce metaverse trademark filings for Onyx, it called the metaverse a $1 trillion opportunity in a report, plans to play a major role in the metaverse by offering financial services such as crossborder payments, foreign exchange, financial assets creation, and more.
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