Reports have revealed today that top financial services providers Visa, PayPal, and Western Union this month submitted fresh trademark applications regarding crypto and Web3 goods and services amid the decline in the cryptocurrency industry.
In 2022, more than 6,300 US crypto trademark applications for cryptocurrencies and NFTs were submitted. Throughout 2021, there were only 2,100 applications. Thus, the number of NFT trademark applications submitted in the US so far this year has increased by X3 over the previous high set in 2021. Visa, PayPal, and Western Union are the newest sponsors of the expansion.
Visa, a financial services giant, based in San Francisco, is thinking about launching a cryptocurrency wallet. The cryptocurrency wallet was described by the company as software that allows users to view, access, store, monitor, manage, trade, send, receive, transmit, and exchange digital currency, virtual currency, cryptocurrency, digital and blockchain assets, and non-fungible tokens in its filings from October 22.
In after-hours trading, Western Union is now at $13.91, PayPal is up 0.58% to $86.75, and Visa stock is currently up 0.20% to $209.75. Visa has decreased by 3.40% from the year’s beginning and lost almost 1% over the past year. Additionally, during the past three months, V has down 1.31%. Given the company’s increase of 17,84% over the previous month, it appears that it is progressively recovering from its losses. Visa’s growth over the last five days was 9.96%.
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According to its application with the USPTO, PayPal is developing its cryptocurrency wallet in the interim (USPTO). The business wants to process electronic payments using downloadable and recorded computer software. Money transfers will also be done using the app. Currently, PayPal’s platform permits the purchase and transfer of cryptocurrencies. Users can purchase cryptocurrency and transfer it to other wallets.
However, the business backs four cryptocurrencies: Litecoin (LTC), Bitcoin Cash (BCH), Ethereum (ETH), and Bitcoin (BTC) (LTC). Since the year began, PayPal stock has decreased by more than 54%. Additionally, it lost approximately 63% of its value during the previous year. The company’s stock has increased by 2.75% during the last five days.
Similarly, Western Union applied to PayPal and Visa. The business is also thinking about downloading software for use in financial services. It was stated that it would be used for managing and maintaining electronic wallets and digital currency, electronic processing payments, and generating receipts for mobile payment transactions.