December 30, 2022
By Joe Pan
HSBC has filed two crypto-related trademark applications for its name and logo with the United States Patent and Trademark Office (USPTO) in December.
With its high profile venture in The Sandbox in March and much promoted virtual rugby guest experience round the Hong Kong Rugby Sevens of which the bank was the title sponsor, HSBC’s recent trademark applications indicate the bank’s push for a number of digital products and services, including those related to the exchange and transfer of virtual currencies.
On 21 Dec, HSBC filed trademarks to cover a range of services in virtual reality, including business marketing, referral services for investment advice and financial planning, and personnel placement and recruiting.
The trademarks also include the provision of an online marketplace for the buying and selling of NFTs (non-fungible tokens) featuring textual and graphic content in the metaverse and other virtual worlds.
Earlier on 15 Dec, HSBC had filed trademark applications with the USPTO for its name and logo to be used in software that enables users to conduct banking and electronic business transactions in virtual worlds such as the metaverse.
The trademarks also cover virtual goods like computer programs featuring bank cards, as well as payment processing services for credit and prepaid cards in the metaverse.
In addition, HSBC’s trademark applications include reward programs and online marketplaces for NFTs (non-fungible tokens) in the virtual world. This move by HSBC suggests that the bank is positioning itself to facilitate financial transactions in the growing world of virtual reality.
Malcolm Wright, Director of Government and Regulatory Affairs APAC of GBBC Digital Finance stated that the filing of these trademark applications by HSBC shows that major financial institutions want to stay competitive in the rapidly evolving world of digital currencies.
“They also recognise that more and more consumers and businesses are turning to Metaverse, so it’s important for financial institutions to be prepared to offer a range of services and support in the Web3 space,” he said.
“If major banks support the transfer and use of virtual currencies, allowing consumers to have multiple options of payment and investment, we will see exponential growth of economics in the Metaverse and improved user experience allowing the freedom the inclusion of a larger population of non-crypto native to purchase and invest in digital asset and products at free will.” said Queenie Mo of Lux Creative, a bespoke agency pioneering the tokenization of tangible assets with impact.
Henry Yu principal partner of L&Y Law Office and Henry Yu & Associates added, “Trademark protection is crucial for any company entering into the digital currency space. By securing these trademarks, HSBC is able to safeguard its brand and prevent any unauthorized use of its name and logo in relation to these products and services.”
About the author
Joe Pan is contributing editor at NFTMetta.com.