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The current crypto market downturn has not deterred HSBC from moving ahead with its crypto and metaverse-related plans. The British banking giant recently filed trademark applications for digital currency products and services with the United States Patent and Trademark Office (USPTO).
The United States Patent and Trademark Office (USPTO) has received two crypto-related applications from HSBC for its name and logo, according to Bitcoin.com. HSBC's trademark registrations 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 registered with the USPTO.
“HSBC has filed trademark applications for its name and logo. The applications indicate plans for digital media backed by NFTs, virtual currency exchange + transfer, virtual credit card processing, and more!” Kondoudis posted on Twitter.
The trademark applications for HSBC's crypto-related products were submitted on December 15 and carry serial numbers 97718803 and 97718583. In its applications, the bank included a wide range of products and services, including the ability to transfer, receive, convert, and store digital currency.
HSBC’s applications also included some details for its metaverse-related products and services. These include “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.”
The British bank likewise included a number of NFT services in its trademark application. One service is described as “downloadable digital files authenticated by non-fungible tokens (NFTs).”
HSBC made its entry into the metaverse in March via a partnership with The Sandbox, a blockchain virtual gaming platform. However, what’s surprising is that back in September, HSBC Group’s CEO, Noel Quinn said that crypto is not in the bank’s future.
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