PayPal plans to launch its own cryptocurrency platform and NFT collection

Representatives of the PayPal payment service have filed 2 applications with the US Patent and Trademark Office to register their own trademark related to cryptocurrencies and NFTs. Trademark Commissioner Mike Kondoudis tweeted about PayPal’s applications, which were filed on October 18.

#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

According to Kondoudis, the first application of the service concerns «downloadable software» for trading and storing cryptocurrencies and NFTs (apparently, PayPal will work on developing its own crypto application). The second application is about making payments related to cryptocurrencies.

Back in early June, PayPal allowed its customers to make cryptocurrency transfers in its mobile application. In August, Coinbase/">Coinbase added the payment system to the Travel Rule Universal Solution Technology (TRUST) network. TRUST is a global industry solution designed to comply with the financial standards better known as the Travel Rule.

Today it also became known that Western Union, an international urgent money transfer system, has filed an application for a trademark related to cryptocurrencies. The applications filed by Western Union mean that the company intends to launch its own virtual currency exchange and cryptocurrency token. The financial giant also plans to expand its activities in the field of digital asset management and administration.