PayPal to conquer the crypto world

Almost simultaneously, PayPal and Western Union officially open to crypto services by registering a series of trademarks.

As reflected in Chainalysis’ annual report on the prevalence and use in the world of digital and related currencies, the crypto world is growing steadily.

The ability offered by a growing number of brands to transact in Bitcoin and the most widely used cryptocurrencies paves the way for a mass adoption it is as desirable as it is functional for this world.

Sport and the social world (above all Twitter, Instagram and various Metaverse projects such as Nemesis or Meta) is increasingly imbued with sponsors inherent in cryptocurrencies or at least the ability to make payments with these cones.

The ever-increasing prevalence and functionality given the simplicity, speed and security of transactions means that more and more people relate to digital currencies and choose them for their payments and in rare cases (rare for now) as a means of being paid for work performance.

Mass adoption, which is admittedly still in its infancy and not yet in full swing, is attracting not only brands but also the most well-known payment service hubs such as PayPal and Western Union Money Transfer.

PayPal and its relationship with the crypto world

The American online payment giant recently submitted three new applications for trademark registration with the United States Patent and Trademark Office (USPTO), and each applies to a different type of service.

An additional brand registration application concerns a modern restyling of the logo and brand that the payments giant wants to adopt starting in 2024 perhaps in connection with the launch of new services offered regarding crypto.

On Monday, a tweet from Kondoudis, an attorney specializing in USPTO-licensed trademarks, shed some light on the matter:

“Paypal has filed trademark applications for Paypal and its ‘overlapping Ps’ logo. The apps claim plans to exchange, trade and process transfers of blockchain + digital assets, crypto + digital + virtual currencies… and more.”

Brand Concerns:

“Downloadable software for sending, receiving, accepting, buying, selling, storing, transferring, trading and exchanging digital currency, virtual currency, cryptocurrency, stablecoin, digital assets and blockchain, digitized assets, digital tokens, cryptographic tokens and utility tokens.”

Already today, PayPal allows citizens of the United States, except for the Hawaiian Islands, to pay or collect using cryptocurrencies.

The cryptocurrencies that PayPal to date allows to use for its services on US soil are Bitcoin, EthereumLitecoin and Bitcoin Cash.

While until now it had only been possible to use crypto in the US and only within the PayPal circle, to date an opening has made the hub decidedly more crypto-friendly.

The company now allows cryptocurrencies to be transferred to other wallets.

Western Union money transfer

Western Union money transfer yesterday continued to file three applications in the wake of what PayPal did and for the same purpose.

Kondoudis reports:

“Western Union filed 3 trademark applications claiming financial + banking + insurance plans, virtual currency exchange + transfer, commodity and cryptocurrency trading + brokerage, issuance of value tokens … and much more.”

The trend of companies being organized, or rather reorganized, to prepare their production and service machinery for the coming world, knows no end.

Modernization necessarily comes through rebranding and filing a number of trademarks that at the same time claim the companies’ history is a clear signal of openness to cryptocurrencies.

The USPTO is flooded with applications to file even well-known trademarks such as the wealthy world of Formula 1, which has filed as many as eight applications to register new marks, not only related to the world of crypto, but also to some products and the fantastic world of the metaverse with an RV and an AR championship ready for launch.

Other brands following the thread of applications to reposition themselves in the market also include Ford, which submitted 19 brand applications in September, eBay with two registrations in June, Meta, which for obvious reasons has beaten the drum with five applications since May already, and Mastercard , which filed 15 trademark applications that colluded with departmental peers PayPal and Western Union Money Transfer.