Bank of America Looks Like Facing A Trademark Battle

Key Points:

• A trademark application for “Bitcoin Bank America” has been made with the U.S. Patent and Trademark Office, according to Mike Kondoudis, a registered trademark lawyer there. The U.S. trademark relates to services for cryptocurrency trading.
• He thinks Bank of America might be involved in a trademark battle. The registration might interfere with Bank of America’s future efforts to provide cryptocurrency services.
• The trademark was registered on December 27, and the application was submitted on January 3. It also showed that, except for the mark “Bitcoin Bank,” no claim is made to the sole right to use the name.

The U.S. Patent and Trademark Office has received a trademark application for “Bitcoin Bank America,” according to Mike Kondoudis, a registered trademark lawyer there. The U.S. trademark relates to services for cryptocurrency trading. Bank of America might be involved in a trademark battle.

The trademark was registered on December 27, and the application was filed on January 3, according to the USPTO. It also showed that, except for the mark “Bitcoin Bank,” no claim is made to the sole right to use the name.

With the most recent application, Kondoudis thinks Bank of America (BofA) may be involved in a trademark dispute. The registration might interfere with Bank of America’s future efforts to provide cryptocurrency services.

Some people think that using the name “Bitcoin Bank” alone will prevent BofA from succeeding in a trademark lawsuit. However, the usage of the phrase “Bank America” does provide a possibility for a legitimate attempt at infringement.

In addition, Bank of America has applied for patents covering blockchain and cryptocurrency services. In fact, Bank of America has been researching cryptocurrencies for years and has applied for patents for cryptocurrency trading systems, digital currency wallets, and wire transfers.

In 2022, the number of U.S. trademarks for NFTs and other blockchain products roughly tripled compared to the full year of 2021. The trademarks in the United States topped 6,000 between January 1 and September 30.

Other major providers of financial services, like American Express, Mastercard, and HSBC, have registered trademarks to provide customers with services relating to cryptocurrencies.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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