Visa, PayPal, Western Union among autumn’s multitude of crypto brands

In a striking counterpoint to the heightened crypto-skepticism during the current bear market, financial giants Visa, PayPal and Western Union were among the notable firms that filed new trademark applications involving crypto- and Web3-related products and services in the past week.

Visa looks at a crypto wallet and metaverse

According to Visa’s filings, the firm considers a “cryptocurrency wallet,” describing it as “software for users to view, access, store, monitor, manage, trade, send, receive, transfer and exchange digital currency, virtual currency, cryptocurrency , digital and blockchain assets, and non-fungible tokens (NFTs).”

Visa may also set up shop in the metaverse, as it contemplates “providing virtual environments where users can interact for recreational, leisure or entertainment purposes available in the virtual world.”

PayPal is still working on its own wallet

PayPal’s trademark application mentions “crypto” 18 times, beginning with “downloadable software to send, receive, accept, buy, sell, store, transfer, trade and exchange digital currency, virtual currency, cryptocurrency, stablecoins, digital and blockchain assets, digitized assets, digital tokens, crypto-tokens and utility tokens.”

PayPal already allows users to buy Bitcoin, Ethereum, Bitcoin Cash (BCH) and Litecoin (LTC) and send it to wallets elsewhere, but it is apparently still building out its own crypto wallet.

Western Union gets bigger on digital currency

Western Union’s filing appears to cover all aspects of digital payments, including “the management and maintenance of digital currency and electronic wallets.” Like the others, WU plans “downloadable software to generate cryptographic keys to receive and spend cryptocurrency.”

Despite the prolonged crypto winter, crypto trademark registrations have been flowing steadily for some time, as noted by the trademark attorney Mike Kondoudis on Twitter, among others by Viking Cruises, and cosmetics retailer Ulta last week.

To be sure, trademark registrations are often defensive legal actions, and do not guarantee that the covered products and services will actually be developed and sold. But they do show that a company recognizes a potential future market and wants to be prepared to enter it.

In October alone, Web3 and NFT applications have appeared from brands as diverse as musical instrument maker Fender, food giants Del Monte and Kraft (regarding its iconic Wienermobile), burger chain Inn-N-Out, snack maker Takis, wine and spirits company. Moët Hennessy, car racing company Formula 1, online gaming platform DraftKings and singer Lizzo.

NFTs and digital goods and collectibles appear to be the hottest category among potential areas of interest for US businesses. So far this year, more than 6,300 US trademark applications have been filed for NFTs and related items, Kondoudis reported, compared to just 2,100 applications in all of 2021.

For the broader digital currency and cryptocurrency space, 2022 has seen over 4,300 US trademark applications, compared to 3,500 in 2021.