HSBC sends an application for a metaverse trademark. The HSBC Innovation Banking trademark application was filed on June 12, 2023, as part of the financial institution’s goals to expand its operations into the virtual world as well as offer its users more inclusive digital services.
HSBC Holdings plc, commonly known as HSBC, is a British multinational banking and financial services company headquartered in London, England. HSBC is the world’s third-largest bank by assets (after Industrial and Commercial Bank of China and JPMorgan Chase), and has operations in over 65 countries and territories.
HSBC was founded in 1865 as the Hongkong and Shanghai Banking Corporation. The bank’s name reflects its original focus on trade between Hong Kong and Shanghai. HSBC expanded rapidly in the 20th century, opening branches in Europe, North America, and the Middle East. In the 1990s, HSBC acquired a number of other banks, including Midland Bank in the United Kingdom and Republic National Bank of New York in the United States.
The application includes provisions for metaverse banking, consulting, financial services, virtual credit cards, NFTs, NFT-backed media, and more. If granted, the bank will be able to provide payment services in the metaverse, and other virtual worlds; create online marketplaces for users to trade digital goods; provide virtual currency exchange; and more.
A year ago, HSBC took its first step into the metaverse by partnering with Sandbox to develop systems that will enable the bank to join the “current trends of connecting and servicing customers in the virtual space.”
Then, in December 2022, it filed for a digital asset trademark with the United States Patent and Trademark Office (USPTO). “The application, which was filed on December 15, 2022, and with serial numbers, 97718803 and 97718583, seeks to allow the bank to send, receive, convert, and store digital currencies.”