HSBC Files Trademark Applications – Plans To Launch NFTs And Banking Services In The Metaverse

Updated: 20 June 2023

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Despite the recent challenges facing the crypto industry, including regulatory uncertainty and heightened interest rates, the nascent non-fungible token sector continues to gain traction among businesses, investors, and institutions. HSBC is the recent banking institution to showcase interest in investing in the NFT sector.

HSBC Files New NFT And Matavese Patents

In a June 19 blog post, Mike Kondoudis, an accredited intellectual property attorney, confirmed that the financial services provider filed two new trademark applications with the United States Patents and Trademark Office “USPTO” related to the non-fungible token and metaverse on June 12, 2023.

#HSBC continues its move into the #Metaverse!

The company has filed a new trademark application covering:

▶️ Metaverse banking, consulting, financial services
▶️ Virtual credit cards
▶️ NFTs + NFT-backed media
… and much, much more!#NFT #Crypto #Web3 #NFTs #DeFi pic.twitter.com/rb6UdA2Iq3

— Mike Kondoudis (@KondoudisLaw) June 19, 2023

Established in July 1880, HSBC is one of the world’s largest banking and financial services institutions that serves millions of customers through its subsidiaries and global finance businesses. The banking giant offers banking products, including current accounts, loans, mortgages, and credit cards.

Based on the data submitted, the banking company seeks a trademark to facilitate secure payment transactions through electronic means in the metaverse and other virtual worlds. HSBC also plans to launch a software app for identity verification and fraud prevention in the metaverse.

The financial services provider also anticipates creating a software application that allows users to perform banking and electronic business transactions in the metaverse. Moreover, HSBC plans to create downloadable virtual products, including computer software programs featuring bank cards, cheque cards, credit cards, and debit cards.

In another trademark application, HSBC has showcased plans to provide an online marketplace that allows buyers and sellers of digital goods and media to trade non-fungible tokens. Lastly, the company anticipates processing virtual credit card, virtual debit card, and virtual prepaid card transactions in the metaverse.

HSBC NFT And Metaverse Push

It’s not the first time HSBC is pursuing non-fungible tokens and the metaverse. On December 15, 2022, the banking behemoth filed two trademark applications related to the non-fungible tokens and the metaverse with United States Patents and the Trademark Office.

In its application, HSBC showcased plans to offer a wide range of products and services, including sending, receiving, converting, and storing digital collectibles. The trademark application also detailed metaverse-related products and services, including providing virtual transactions in the metaverse and facilitating secure payment transactions through electronic means.

HSBC joins a rapidly growing list of financial services institutions showcasing interest in investing in the non-fungible token and metaverse. In October 2022, JP Morgan Chase filed a trademark application related to NFT and metaverse. Other fintech firms in the metaverse sector include Visa, PayPal, and Western Union.