HSBC Makes Major Move into Digital Currency and Metaverse with New Trademarks

The United States Patent and Trademark Office has received two applications from HSBC for its name and logo that relate to cryptocurrencies (USPTO). HSBC’s trademark applications reveal the bank’s plans for a number of digital products and services, including those connected to the exchange and transfer of virtual currencies, according to Mike Kondoudis, a trademark lawyer licensed by the USPTO, who made the observation in a tweet on Friday.

The trademark applications for HSBC’s crypto-related products were submitted on December 15; their serial numbers are 97718803 and 97718583. In its applications, the bank listed a wide range of goods and services, including the ability to send, receive, convert, and store digital currencies.

A number of other metaverse-related goods and services are listed in the trademark applications, including “facilitating secure payment transactions by electronic means in the metaverse,” “providing banking services in the metaverse,” and “providing processing of virtual credit card, virtual debit card, virtual prepaid card, and virtual payment card transactions in the metaverse.” NFT services from HSBC were also included, including “downloadable digital files authenticated by non-fungible tokens (NFTs).”

By collaborating with blockchain virtual gaming platform The Sandbox in March, HSBC entered the metaverse. Noel Quinn, CEO of HSBC Group, stated in September that the bank does not plan to use cryptocurrency.

A growing number of large businesses and financial services organisations have submitted trademark applications for a variety of goods and services related to digital currency and the metaverse. For instance, Visa, Paypal, and Western Union submitted applications for trademarks relating to cryptocurrencies in October. A wallet trademark covering various virtual currencies and payment services was granted to JPMorgan Chase last month.