TokenPocket, a cryptocurrency wallet, is facing a lawsuit by PayPal for allegedly infringing on PayPal’s trademark.
On Thursday, Apple stated that the TokenPocket wallet will be temporarily unavailable on the App Store. A complaint from PayPal about an alleged trademark problem, according to the corporation, was the basis for the removal.
In a letter sent earlier this year, TokenPocket stated it had received messages from PayPal regarding a trademark issue. The crypto wallet stated that it is ready to work with PayPal to fix the problem amicably, and that PayPal “had no more responses to this”.
“We place a high value on this and have sent specialists to do research on both sides’ trademarks, sorting out the disparities, and communicating in detail in the form of photographs and words to clarify the differences on both sides’ trademarks,” the firm stated.
TokenPocket’s logo is so much lookalike to Paypal’s
The actual cause for the complaint was not specified by TokenPocket. The crypto wallet’s logo, which featured two similar-coloured letters adjacent to one other, had previously been spotted by online users as looking similar to PayPal’s. Three months ago, a Reddit user said, “I was going to launch TokenPocket when I unintentionally clicked Paypal”.
TokenPocket is a cryptocurrency wallet that supports Bitcoin, Ethereum, the Binance Smart Chain, Polkadot, Kusama, and other important public blockchains. The company claims to have “tens of millions” of users spread over more than 200 countries and territories.