PayPal and Western Union have each submitted three new trademark applications for a diverse array of crypto services. Additionally, PayPal’s applications are for the payments titan’s logo. After witnessing the success of cryptocurrencies, established financial heavyweights have embraced this innovative technology.
A trademark is a word, name, symbol, design, or phrase used to identify and distinguish a product or service and its source. When attempting to trademark a cryptocurrency, the requirements can pose difficulties.
A crypto that functions just as a medium of exchange, such as traditional cash, may not qualify as a product or service. However, an item or service related to a function could enable trademarking a cryptocurrency’s name.
Western Union joins in on crypto trademarks
As Western Union faces increasingly diverse competition in the remittances business, its trademark filings appear to allude to an asset and commodity exchange, insurance, and its coin. Trademarks for crypto services are on the rise, and this financial titan has jumped on the bandwagon to grow its financial services.
Western Union may be prepared to offer crypto-related services, judging by the company’s recent trademark applications. This is the most recent of the company’s numerous attempts to penetrate the cryptoverse. It has had partial efficacy thus far.
On October 18, Western Union filed for three trademarks. According to trademark attorney Mike Kondoudis, the applications cover operations such as managing wallets, transferring digital assets and derivatives of commodities, issuing tokens of value, and brokerage and insurance services.
Vakarų sąjunga is a prominent provider of cross-border remittance services and exhibited early interest and skepticism towards cryptocurrencies. In 2015, it teamed with Ripple to settle remittance payments.
Three years later, this partnership remains in the trial phase. As a result, Western Union announced that it would not offer crypto transfer services in the near future.
Source: https://www.cryptopolitan.com/paypal-and-western-union-crypto-trademarks/