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HSBC moves into NFTs with new trademark applications

HSBC office with logo displayed on top
HSBC office with logo displayed on top

In a notable update, HSBC has officially announced the submission of two trademark applications with the United States Patents and Trademark Office (USPTO). These applications pertain to the metaverse and non-fungible tokens (NFTs), signifying HSBC’s strategic expansion into these rapidly growing digital realms.

According to intellectual property attorney Mike Kondoudis’ blog post on June 19, HSBC’s recent trademark applications seek to establish the bank’s presence in metaverse banking, consulting, and financial services. The applications also encompass virtual credit cards, NFTs, NFT-backed media, and various related areas.

Established in July 1880, HSBC, a global banking powerhouse, caters to a vast customer base worldwide, offering an extensive range of financial solutions, including current accounts, loans, mortgages, and credit cards.

Based on the details outlined in the applications, HSBC’s objective is to enable secure electronic payments within the metaverse and virtual environments. The banking giant also intends to introduce a software application specifically tailored for identity verification and combating fraud within the metaverse.

Furthermore, HSBC plans to create a software application that will facilitate banking and electronic commerce operations within the metaverse. The disclosed applications demonstrate the bank’s aspirations to provide downloadable virtual products, including software programs featuring bank cards, check cards, credit cards, and debit cards.

HSBC is also strategizing the establishment of an online marketplace for seamless trading of NFTs, digital goods, and media. The applications indicate that the bank aims to enable transactions utilizing virtual credit cards, virtual debit cards, and virtual prepaid cards within the metaverse.

HSBC’s recent endeavors are not its initial ventures into the realms of NFTs and the metaverse. The bank had previously submitted two trademark applications pertaining to NFTs and the metaverse to the USPTO on December 15, 2022.

As detailed in the applications, HSBC’s intentions revolve around providing a range of offerings and solutions within the metaverse. This includes facilitating activities such as sending, receiving, converting, and storing digital collectibles. The trademark applications also encompass the goal of enabling secure electronic payment transactions within the metaverse.

HSBC joins the expanding group of financial services institutions that are venturing into the NFT and metaverse sectors. Other notable players in this field include JP Morgan Chase, which submitted a related trademark application in October 2022, as well as fintech firms like Visa, PayPal, and Western Union.

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