Wells Fargo to step up crypto push? "Blockchain trademark filed"

Source

JOON HYOUNG LEE

Summary

Wells Fargo has filed the WFUSD trademark with the U.S. Patent and Trademark Office, signaling it may be preparing for crypto- and blockchain-related businesses.
The trademark is described as covering a cryptocurrency exchange, trading services, payment processing, financial intermediary services, electronic transfers, and blockchain-specific software.
Cointelegraph said the filing, which includes software for digital-asset staking and cryptocurrency wallet management, may be preliminary work for Wells Fargo to ramp up its crypto business.

Forecast Trend Report by Period

Wall Street investment bank (IB) Wells Fargo has filed trademarks related to cryptocurrencies and blockchain.

According to Cointelegraph on the 11th (local time), Wells Fargo submitted paperwork to the U.S. Patent and Trademark Office (USPTO) the previous day (the 10th) to apply for the 'WFUSD' trademark. In the filing, Wells Fargo explained that "(WFUSD) includes a cryptocurrency exchange, trading services, payment processing, financial intermediary services, electronic transfers, and more."

The trademark is also said to cover blockchain-specific software (SW). Cointelegraph reported that "the application includes a list of software for digital-asset staking and cryptocurrency wallet management, among other functions."

That has fueled analysis that Wells Fargo may be laying the groundwork to move in earnest into the crypto business. Cointelegraph said, "This trademark was filed after reports that major U.S. banks—including Wells Fargo, JPMorgan and Bank of America (BofA)—discussed a joint stablecoin project last year," adding, "While a trademark filing does not guarantee a product launch, companies use trademark applications to secure brand identity for future products."