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NYSE files to protect trading platforms for crypto assets

By Kevin Donovan

22:26, 16 February 2022

NYSE building
NYSE files to protect trading platforms for crypto assets - Photo: Capital.com

The New York Stock Exchange is prepping for life in the metaverse, having recently applied for four trademarks related to trading a wide variety of digital assets, from crypto tokens, utility tokens and non-fungible tokens (NFTs) in a virtual or augmented reality, according to records filed with the US Patent and Trademark Office.

Specifically, the NYSE applied for trademark protection for “software for users to perform e-commerce and financial tractions” using “virtual reality, augmented reality and mixed reality software,” the trademark application reads.

The trademarks, if granted, will allow the NYSE protection from competition from Coinbase, Nasdaq and other exchanges.

MetaverseIs the NYSE ready to join JPMorgan in the Metaverse? - Photo: JPMorgan Securities

The trademark would be for the software, downloadable and non-downloadable, called an application programming interface, allowing “trading and exchanging digital currency, virtual currency, cryptocurrency, digital and blockchain assets, digitised assets, digital tokens, crypto tokens and utility tokens.”

The NYSE is also seeking trademarks for “downloadable software for use in financial exchange, downloadable virtual goods, namely non-fungible tokens.”

NYSE parent Intercontinental Exchange stock saw marginal gains Wednesday, closing at $125.72, up 0.40% versus Tuesday’s $125.22 closing share price. Intercontinental Exchange stock trades over the NYSE under the ticker ICE.

“The NYSE regularly considers new products and their impact on our trademarks and protects our intellectual property rights accordingly” ~ NYSE spokesman
Intercontinental Exchange stock YTDIntercontinental Exchange stock YTD - Photo: Koyfin

“The NYSE has no immediate plans to launch cryptocurrency or NFT trading,” a NYSE spokesperson said in an email. “The NYSE regularly considers new products and their impact on our trademarks and protects our intellectual property rights accordingly.”

BTC/USD

67,294.00 Price
+0.640% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

ETH/USD

3,141.16 Price
+1.530% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

XRP/USD

0.53 Price
+0.170% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

US100

18,549.60 Price
+0.020% 1D Chg, %
Long position overnight fee -0.0262%
Short position overnight fee 0.0040%
Overnight fee time 21:00 (UTC)
Spread 7.0

The four trademarks applications, under various classes of the US Patent Office’s Nice Agreement Tenth Edition.

 

  • Class 009 ~ Electronic and digital apparatus for recording various events, including all computer programs and software.
  • Class 035 ~ Services rendered by person or organization principally…in the working or management of a commercial undertaking.
  • Class 036 ~ Services rendered in financial and monetary affairs and insurance contracts.
  • Class 042 ~ Services provided in relation to the theoretical and practical aspects of complex fields of activities.

The NYSE has, however, minted six NFTs starting last year. Created to commemorate noteworthy IPO listings, NYSE NFTs highlight the first trade of new listings over the exchange.

The NFTs, for Coupang, Doordash, Roblox, Snowflake, Unity and Spotify, which executed the NYSE’s first-ever direct listing, are 10 seconds long and are available at the Crypto.com NFT platform.  

The NYSE’s trademark application comes on the heels of JPMorgan Chase opening up a virtual bank branch in the Decentraland metaverse, dubbed Onyx, complete with a roaming Bengal tiger.

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Related reading

The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
Capital Com is an execution-only service provider. The material provided in this article is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents and has not been prepared in accordance with the legal requirements designed to promote investment research independence. While the information in this communication, or on which this communication is based, has been obtained from sources that Capital.com believes to be reliable and accurate, it has not undergone independent verification. No representation or warranty, whether expressed or implied, is made as to the accuracy or completeness of any information obtained from third parties. If you rely on the information on this page, then you do so entirely at your own risk.

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