Western Union Files Trademark Applications to Delve into Crypto, Web3, and Metaverse.
Western Union makes the first move in attempts to penetrate the crypto scene as it files applications for Web3, Crypto, and Metaverse trademark.
The cryptocurrency scene has often been compared to the advent of the world wide web in the 1990s, as adoption surged. Several top corporations have indicated an interest in penetrating the cryptocurrency scene, with others fully embracing it. American multinational financial services company Western Union is the latest to indicate interest in entering the scene.
Western Union recently filed three trademark applications in the areas of Web3, Crypto, and Metaverse, as revealed by USPTO-licensed trademark attorney Mike Kondoudis.
Despite disclosing limited information on the development, the purposes of the trademark applications point to an intent to penetrate the crypto sector.
“WesternUnion has filed 3 trademark applications claiming plans for Financial + Banking + Insurance
- Virtual currency exchange + transfer
- Commodity and Crypto trading + brokerage
- Issuing tokens of value
…and much more,” Kondoudis disclosed in a tweet Tuesday.
A shot revealing more details on the application confirmed Kondoudis’ report. According to the detail, Western Union filed for the trademark applications, whose serial numbers are 97641189, 97641182, and 97641176, on October 18.
Per information from the applications, Western Union is looking to acquire these trademarks for different purposes bordering on providing services in crypto, Web3, and the Metaverse sectors. They include:
- Maintenance and management of digital currency and electronic wallets.
- Digital currency exchange operations.
- Electronic commodities, cryptocurrencies, and digital assets exchange services.
- Providing an exchange for commodities, commodities derivatives, cryptocurrencies, and digital assets.
- Issuance of tokens of value.
- Insurance and insurance agency and brokerage.
- Trading commodities and commodity derivatives, cryptocurrencies, and digital assets for others.
- Providing financial brokerage services in the nature of offering, sponsoring, managing and administering commodities, commodity derivatives, cryptocurrencies, digital assets and related financial instruments.
Data from the filings exposes Western Union’s plans to offer a hybrid blend of several cryptocurrency services to the public as it prepares itself to jump on the moving train.
Western Union indicated its readiness to adopt cryptocurrencies as far back as 2018 in an official blog post addressing comments made by then-President Odilon Almeida.
Almeida highlighted the significance of cryptocurrencies in cross-country settlements and noted that Western Union is likely to benefit more from cryptocurrencies in the long run than any other startup due to the company’s profound knowledge of cross-border money transfers.
He further noted that the company is ready to consider incorporating cryptocurrency services into its offerings. “Cryptocurrency might become one more option for a way for assets to be exchanged between people and countries. If that happens, we will be ready to launch,” Almeida remarked.
Meanwhile, other money transfer services, such as PayPal, have already fully embraced cryptocurrencies, as they already provide digital asset services to the public. As The Crypto Basic, Yesterday reported, PayPal filed trademark applications to expand its cryptocurrency offerings further.
In September, Paramount filed trademarks to gain exposure to crypto and NFTs.