HSBC is taking steps to enter the world of cryptocurrencies by filing two trademark applications with the United States Patent and Trademark Office. Mike Kondoudis, a USPTO-licensed trademark attorney, noted that HSBC is looking to develop a range of digital products and services, likely related to the exchange and transfer of virtual currencies. This could signify that the bank is looking to expand its offerings and enter the world of digital currencies.
#HSBC has filed trademark applications for its name and logo. The applications indicate plans for:
— Mike Kondoudis (@KondoudisLaw) December 23, 2022
HSBC recently filed two trademark applications on Dec. 15 to cover a wide range of crypto-related products and services, such as sending, receiving, converting, and storing digital currencies. The applications had serial numbers 97718803 and 97718583.
Several other metaverse-related products and offerings are listed in the trademark registrations, including “expediting protected financial transaction by electronically in the metaverse,” “delivering online financial services in the metaverse,” and “providing operation of virtual credit card, virtual debit card, virtual prepaid card, and virtual payment card exchanges in the metaverse.” NFT services from HSBC were also mentioned, including “downloadable digital files validated by non-fungible tokens (NFTs).”
HSBC Group’s CEO, Noel Quinn, affirmed in September that cryptocurrency is not part of the bank’s plans for the future, despite the bank’s partnership with virtual gaming platform The Sandbox in March. The association was a move to enter the Metaverse, a virtual world populated by digital avatars, but the bank’s focus remains on traditional banking services.
As the digital currency and metaverse markets continue to expand, major corporations and financial services institutions have sought to protect their intellectual property rights by filing trademark applications for various crypto-related products and services. These applications have ranged from payment services to virtual currency wallets, with JPMorgan Chase being the most recent to receive a trademark for its wallet. This shows a trend of companies looking to secure their legal rights and stay competitive as the digital currency and metaverse markets expand.