PayPal, a leading online payment provider, filed trademark applications for “PayPal” and its logo for Web3-related purposes.
According to the applications, filed with the USPTO on October 18, the company intends to offer:
- Downloadable software to send, receive, accept, buy, sell, store, transmit, trade and exchange digital currency, virtual currency, cryptocurrency, stablecoins, digital assets and blockchain, digitized assets, digital tokens, cryptographic tokens and utility tokens;
- Downloadable software for managing and validating digital currency, virtual currency, cryptocurrency, stablecoin, digital asset, blockchain asset, digitized asset, digital token, crypto token and utility token transactions;
- Downloadable software for use as a digital currency wallet, virtual currency, cryptocurrency, stablecoin, digital asset, digital asset, digital token, cryptographic token and utility token;
- Downloadable software for transfers of digital currency, virtual currency, cryptocurrency, stablecoins, digital assets and blockchain, digitized assets, digital tokens, crypto tokens and utility tokens between parties.
Michael Kondoudis, a trademark attorney, tweeted the news:
#PayPal has filed trademark applications for PAYPAL and its “overlapping Ps” logo
The apps claim plans for exchanging, trading, and processing transfers of
✅ Blockchain + digital assets
✅ Crypto + digital + virtual currencies
…and more#NFTs #Metaverse #Web3 #Cryptocurrency pic.twitter.com/FadV1SiCfV— Mike Kondoudis (@KondoudisLaw) October 24, 2022
While the company’s objectives are unclear at the moment, the filing of these trademark applications demonstrates its intention to enter the Web3, and perhaps enable its payment system across the cryptocurrency, NFT and metaverse.
PayPal and the Web3
This is not the first time PayPal has shown interest in cryptocurrencies.
In 2020, PayPal launched a new service that allows its more than 350 million customers to buy, sell and hold Bitcoin within the platform.
Earlier this year, PayPal expanded the service, allowing its customers to send Bitcoin and Ethereum off-platform to their external wallets.
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