PayPal: services and patents in the crypto world

PayPal, the fastest, easiest and most secure payment service, has long been allowing people to buy crypto such as Bitcoin, Ethereum, Bitcoin Cash (BCH) and Litecoin (LTC) and send them to wallets elsewhere.

It is also building its own crypto wallet, which it is working on in order to release it to its users as soon as possible. 

Thus, here is another giant of classical finance making way for the cryptocurrency universe. 

Specifically, it appears that the PayPal brand application mentions “crypto” eighteen times. 

Starting with “downloadable software to send, receive, accept, buy, sell, store, transmit, exchange digital currency, virtual currency, cryptocurrency, stablecoin, digital and blockchain assets, digitized assets, digital tokens, crypto tokens and utility tokens.”

PayPal for using crypto: what it is and how it works 

In June 2022, PayPal made it official: we will begin in the US, then we will see. PayPal has definitely opened the doors of its payment system to cryptocurrencies, thus allowing the exchange of them or the use of some particular currencies to settle payments.

For example, users who have a wallet on Coinbase or Binance will be able to use the latter as a deposit, enabling the transfer of currencies to their PayPal account, and then use them as needed. 

There are three maneuvers that the PayPal group has put in the hands of its users: transfer supported crypto to PayPal, move crypto from PayPal to external addresses (including exchanges and hardware wallets), and send crypto to family or friends on PayPal in seconds, with no transaction fees. 

It all started with selected users and then opened up to the entire US user base. PayPal was clear that the crypto covered in the first phase were Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.

In any case, before being able to access the new service, the user will have to be identified through ID, a step that will have to be completed only once and that will allow the full regularity of transactions.

In addition to PayPal, also Visa and Western Union enter the crypto sector 

In and of itself, PayPal’s entry into the blockchain sector is inevitably a milestone for the history of cryptocurrencies. 

Indeed, these continuously seek bridges between the real economy and savers’ wallets, imagining new payment services and new products open to accepting this type of currency. 

PayPal, universally recognized for digital transactions, is opening this new front in the same months that it began to imagine its own currency and investigated the virtues of blockchain, before delving into today’s innovations. 

Overall, three times as many NFT trademark applications have been filed in the US so far compared to all of 2021, and for the broader digital and cryptocurrency space, 2022 saw over 4,300 trademark applications in the US, compared to 3,500 in 2021. 

This is in contrast to the strong skepticism about cryptocurrencies during the current bear market. Indeed, despite the long cryptocurrency winter, cryptocurrency brand filings have been ongoing for some time. 

This is what brand advocate Mike Kondoudis points out on Twitter, including from Viking Cruises and cosmetics retailer Ulta last week. 

Apparently, in October alone, Web3 and NFT documents have emerged from brands as diverse as musical instrument maker Fender, food giants Del Monte and Kraft, burger chain In-N-Out, snack maker Takis, wine and spirits company Moët Hennessy, and others. 

Adding to this are financial services giants Visa, PayPal and Western Union, which were among the major companies that filed new trademark applications. 

These involve cryptographic and Web3-related products and services just last week.

Visa: crypto card, wallet and plans for the metaverse

As is well known, Visa already has its own card in partnership with Crypto.com (Crypto.com VISA Card), which allows users to pay by converting the crypto in their account to the local currency. 

The service that Visa offers in favor of crypto gives users a way to spend their funds without necessarily having to pay in crypto and also reduces the level of unbanked, that is, those who do not have a bank account. 

In addition, the Crypto.com VISA card is universally recognized by all retailers, as Visa represents one of the most popular payment service providers in the world. 

Now, Visa plans to expand its horizons into the blockchain world. 

Indeed, according to Visa documents, it appears that the company is considering a cryptocurrency wallet, describing it as “a software to allow users to view, access, store, monitor, manage, trade, send, receive, transmit and exchange digital currency, virtual currency, cryptocurrency, digital assets and blockchain and non-fungible tokens (NFT).”

In addition, some leaked information suggests that Visa may also set up store in the metaverse, as it is considering providing virtual environments where users can interact for recreational, leisure or entertainment purposes accessible in the virtual world. 

Western Union aims to get bigger using crypto 

Western Union is a US financial services and communications company owned by First Data Corporation. One of the company’s most important services is the transfer of money between people or companies; in addition to this, it also offers a wide range of business services. 

Recently, Western Union has also opened its doors to the crypto world, also seeking to provide digital payments, including the management and maintenance of digital currency and e-wallets. 

Like the others, Western Union said it plans “downloadable software for generating cryptographic keys to receive and spend cryptocurrency.”