Global payments giant PayPal is pursuing a cryptocurrency wallet tokenPocket over alleged trademark infringement.
The company announced on Thursday that Apple had temporarily removed the TokenPocket wallet from the Apple App Store. The company says the reason for removal is the complaint from PayPal regarding the trademark issue.
Tokenpocket said in a letter earlier this year that it had received communications from PayPal over a dispute with the company’s trademark. TokenPocket is ready to resolve the issue amicably but from the PayPal side “there are no more replies to this”.
The company further wrote
“We place great importance on this and send experts to research both sides ‘trademarks, to organize and to communicate in detail in the form of images and texts to explain the differences between the two sides’ trademarks”.
The exact cause of the TokenPocket complaint was not specified. Online users have previously noticed that the logo of TokenPacket is similar to PayPal because it keeps similar-coloured characters to each other. “I was going to open a TokenPocket but accidentally clicked Paypal,” a Reddit user claimed three months ago.
Established in 2018, TokenPacket is a crypto wallet provider supporting major public blockchains, including Bitcoin, Ethereum, Binance Smart Chain, Polkadot, Kusama and many more. The company claims to have “over ten million” customers in more than 200 countries and regions.
On the other hand, PayPal being one of the largest payment companies in the world, launched its cryptocurrency services back in late 2020.
PayPal inclination in the crypto industry
Recent increasing demands in the crypto industry forced the PayPal platform to give crypto services for its users. Earlier the crypto services of the PayPal platform were limited to buying and selling at the same platform. But in September, Paypal expanded its crypto services on one level up by establishing a partnership with Synchrony Bank and providing a special app to manage crypto-based services and also announced to give interest on funds holding.