PayPal Hints at Digital Asset Offerings with New Web3 Trademark Filings

Image source: Financial IT

Quick take:

  • The trademark applications cover blockchain and digital assets.
  • They also cover trading and exchanging cryptocurrency.
  • U.S. PayPal users have already been able to transfer cryptocurrency via the app.

PayPal has filed two new trademark applications for its name and logo, indicating plans for exchanging, trading, and processing transfers of digital assets and cryptocurrency. 

The trademark applications were filed with the United States Patent and Trademark Office on Oct 18. 

The goods and services covered under international class 9 include downloadable software for sending, receiving, accepting, buying, selling, storing, transmitting, trading and exchanging digital currency, virtual currency, cryptocurrency, stablecoins, digital and blockchain assets, digitized assets, digital tokens, crypto tokens and utility tokens, as well as a utility token wallet.

Financial services, namely virtual currency transaction processing services for others; providing stablecoin currency, virtual currency, digital currency, digital tokens, and cryptocurrency for use by others; cryptocurrency transfer, trading, exchange, and payment processing services; electronic transfer of cryptocurrency, digital currency, stablecoins, digital and blockchain assets, digitized assets, digital tokens, crypto tokens and utility tokens; electronic wallet services for trading, storing, sending, receiving, validating, verifying, accepting, tracking, transferring, and transmitting virtual currency, and managing virtual currency payment and exchange transactions are covered under international class 36.

This comes shortly after PayPal announced in June that all eligible PayPal account holders in the U.S. can now transfer, send and receive cryptocurrency between the app and other wallets and exchanges.

The new functionality allows PayPal users to transfer supported coins ((Bitcoin, Ethereum, Bitcoin Cash, or Litecoin) onto the platform, move crypto from PayPal to external crypto addresses including exchanges and hardware wallets, and send crypto to family and friends on PayPal with no fees or network charges.

In March last year, PayPal introduced a feature called Checkout with Crypto, allowing users to pay using crypto when shopping online. This March, PayPal updated its user policy, removing NFTs sales of more than $10,000 from the Seller Protection Program in what seems to be a preemptive measure to protect itself against fraud in the NFT space. 

Some of the other major financial services providers to have filed Web3 trademark applications this year include Mastercard, which has been involved in several Web3 projects; American Express; and Capital One.

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