Western Union and PayPal register crypto, web3 trademark applications

Leading international payment services companies, PayPal and Western Union are both vying for spots in the Metaverse by filing trademarks on Oct. 18, according to trademark attorney Mike Kondoudis.

Western Union filed three trademarks that imply the company plans to launch its virtual currency exchange, cryptocurrency, financial, banking, and brokerage and insurance services and more.

Meanwhile, PayPal’s trademark plans on offering crypto exchange services on the blockchain.

According to one of PayPal’s applications, the trademark covers ;downloadable software for sending, receiving, accepting, buying, selling, storing, transmitting, trading and exchanging digital currency, virtual currency, cryptocurrency, stablecoins, digital and blockchain assets, digitized assets, digital tokens, crypto tokens, and utility tokens.’

Competition in the remittance market has been heating up since Coinbase established its presence in Mexico,  the world’s second-largest remittance market, to offer a significantly cheaper service that allowed users to transfer U.S. dollars and withdraw Mexican pesos.

Coinbase claims it is looking to continue expanding its services to the underbanked around the world.