HSBC and Mastercard Extend Crypto Presence with Trademark Applications

One of the biggest banks in the world, HSBC, is expanding its presence in the cryptocurrency space by filing trademark applications for a number of online services. On June 12, HSBC submitted a fresh trademark application to the United States Patent and Trademark Office (USPTO) with the serial number 98037178 that focuses on the word mark “HSBC Innovation Banking.” The bank’s interest in metaverse banking, consultancy, financial services, virtual credit cards, and non-fungible tokens (NFTs) is highlighted in the application.

This latest action followed HSBC’s earlier trademark filings from December of the prior year, which covered a variety of services relating to cryptocurrencies. HSBC Group CEO Noel Quinn said in September that the bank does not intend to use cryptocurrency in the future, but the most recent filing suggests that prospects in the developing crypto landscape.

HSBC’s registration underscores an increasing trend among big financial organizations that are realizing the promise of cryptocurrencies and associated technologies, even though the specifics of its ambitions in the crypto area are yet unknown. Traditional banks are progressively entering the cryptocurrency market to stay competitive and satisfy changing client needs in light of the global upsurge in popularity and adoption of digital assets.

Mastercard Seeks to Enhance Crypto Offerings with Trademark Application

Through a new trademark application, Mastercard, a market leader in payment solutions, is reaffirming its commitment to the cryptocurrency sector. The USPTO received a new trademark application from Mastercard on June 12 (serial no. 98038563), asking for protection for the term “Mastercard Crypto Credential.” The software covered by the application is especially made to process or exchange cryptocurrencies, validate transactions, and make links between virtual asset service providers (VASPs).

This is not the first time Mastercard has entered the cryptocurrency space. Mastercard submitted 15 trademark applications pertaining to the metaverse and non-fungible tokens (NFTs) in April of the previous year. Additionally, by concentrating on five critical areas, the payment giant demonstrated its dedication to making cryptocurrencies a daily payment option.

The continued efforts made by Mastercard in the crypto realm are representative of a wider trend among large businesses and financial services organizations. Businesses like Visa, PayPal, and Western Union have also applied for trademarks, indicating that they are aware of the rising importance of digital currencies and products and services associated to the metaverse.

These trademark filings by HSBC and Mastercard show their intention to be at the forefront of innovation as the crypto sector develops and gains widespread adoption. These financial behemoths are positioning themselves to meet the changing requirements of their consumers and stay competitive in a constantly changing digital environment by investigating crypto-related prospects and creating innovative solutions.