A few months after PayPal’s senior executives gushed about the potential of blockchain technology, the multinational financial company has shown interest in making investments in the NFT and metaverse sector.
The intellectual property lawyer Mike Kondoudis verified that PayPal submitted two trademark applications to the USPTO on October 18 for NFTs and the metaverse in a blog post on October 25.
#PayPal has filed trademark applications for PAYPAL and its “overlapping Ps” logo
The apps claim plans for exchanging, trading, and processing transfers of
✅ Blockchain + digital assets
✅ Crypto + digital + virtual currencies
…and more#NFTs #Metaverse #Web3 #Cryptocurrency pic.twitter.com/FadV1SiCfV
— Mike Kondoudis (@KondoudisLaw) October 24, 2022
PayPal Joins The Metaverse
During the CoinDesk Annual Consensus in June, the fintech company made a suggestion regarding expanding its investments in the metaverse. At the time, PayPal’s blockchain manager, Jose Fernandez da Ponte, declared himself optimistic about the technology’s future. He stated:
“We will build a bridge between the fiat universe and the crypto universe. Consumers will have access to the wider Web3 network through their PayPal wallets.”
PayPal CEO Dan Schulman said at the same conference that “blockchain technology is slowly redesigning the future of our financial system.” The senior executive noted that eliminating middlemen may lead to a more inclusive future by enabling people to transfer cash more quickly and inexpensively.
According to Kondoudis, PayPal plans to provide downloadable software for managing, verifying, and purchasing, selling, and storing digital assets, as well as downloadable software that acts as a digital asset.
PayPal To Create An NFT Marketplace
Developing downloadable software that enables the exchange of stablecoin, digital money, virtual currency, blockchain assets, and utility tokens between participants is among other cryptocurrency initiatives. Additionally, PayPal plans to provide payment services for digital assets.
PayPal has a history of growing its presence in the cryptocurrency sector. PayPal unveiled a new “Checkout with Crypto” option earlier this year, enabling customers to pay using cryptocurrency while making purchases online.
In the beginning of June, PayPal started offering customers the free ability to send digital currencies like Bitcoin, Ethereum, and Litecoin to other crypto addresses on the platform, such as exchanges, hardware wallets, and family and friends.