Global payment giant PayPal is suing crypto wallet TokenPocket for alleged trademark infringement.
Apple has temporarily removed the TokenPocket wallet from the App Store, the company announced on November 4. According to the company, the reason for the removal was a complaint with PayPal regarding an alleged trademark issue.
TokenPocket said they received communications from PayPal regarding a dispute with their company’s trademark in a letter earlier this year. TokenPocket confirmed that they are willing to resolve this issue amicably, and PayPal “has no further responses to this”.
“We attach great importance to this and have sent specialists to research the trademarks of both sides, sort, and communicate in detail in the form of images and texts to explain the differences in the trademarks of both sides,” the company wrote.
TokenPocket did not explicitly state the exact reason for the complaint. Netizens previously noticed that the TokenPocket logo is similar to the PayPal logo because it has two similarly colored letters next to each other. “I was about to open a TokenPocket but accidentally clicked on Paypal,” said a Reddit user three months ago.
PayPal and TokenPocket did not immediately respond to Cointelegraph’s request for comment.
Founded in 2018, TokenPocket is a crypto wallet provider that supports major public blockchains including Bitcoin, Ethereum, Binance Smart Chain, Polkadot Kusama, and others. The company claims to have “more than tens of millions” of users in more than 200 countries and regions.
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One of the largest payment companies in the world, PayPal introduced cryptocurrency-related services in late 2020.