By George Ward
The Bank of America reportedly wished to set up a crypto platform with the trademark “Bitcoin Bank America.” However, the cherished trademark has already been registered for a crypto exchange in the USA by the country’s patent and Trademark office.
Bank of America Faces Potential Trademark Dispute
According to a USPTO’s licensed trademark lawyer, Mike Koudoudis, a particular businessman registered his crypto platform as Bitcoin Bank America. He added that the Bank of America wishes to use the same trademark name for its proposed crypto facilities.
However, since the trademark already existed, the attorney suggested that the BoA might set up a legal case to claim the name. Furthermore, he explained that since the existing application contradicts the US financial institute’s plan to venture into crypto, BoA might seek legal intervention.
In addition, the USPTO database revealed that the applicant registered his firm with the trademark on December 27 last year. The filing date for the application was January 3, 2023.
According to the filing, the applicant did not make exclusive claims to use the name except his trademark, which was “Bitcoin Bank.” However, some industry watchers argued that the registration would succeed and prevent the Bank of America from emerging as the winner of the potential trademark brawl.
However, the Bank of America might have the upper hand if it takes up the case due to the usage of “Bank America” in the trademark.
Banks Ventures Into The Crypto Market
In the past few weeks, the crypto industry has witnessed many traditional financial institutes in America venturing into the space by launching various products. Recently, JP Morgan, the largest bank in America, assigned the trademark “J.P. Morgan Wallet” for its new banking branch.
The branch aims to provide cryptocurrency services to the bank’s existing clients. In addition, some other giant financial institutes like Mastercard, American Express, and HSBC have also applied for licensed trademarks for their crypto-related operations.
Furthermore, the Bank of America has shown great interest in cryptocurrencies for years. In addition, it has applied for other crypto-related patents to provide crypto-related products like a crypto exchange and digital asset wallet custody. The Bank of America has not shown or announced its intention to file for a legal dispute over the patent trademark.