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TokenPocket removed from the App Store for being too similar to PayPal in terms of trademark.

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TokenPocket removed from the App Store for being too similar to PayPal in terms of trademark.

The cryptocurrency wallet service provider TokenPocket has been temporarily removed from the App Store due to trademark issues, and is currently actively addressing the situation. TokenPocket officials also remind users to remember to back up their private keys and recovery phrases.

TokenPocket vs. PayPal Lawsuit

The traditional payment giant PayPal recently filed a trademark lawsuit against TokenPocket, leading to TokenPocket being delisted from the Apple App Store today. In an official statement, TokenPocket stated that they are currently sending professionals to conduct research on both parties' trademarks and are engaging in detailed discussions with visual aids to illustrate the differences in their trademarks. However, PayPal has not responded to this.

Currently, a search on the App Store does not yield any results for TokenPocket, only a similarly named software offering similar functions.

Traditional Giants Suppressing?

TokenPocket started its blockchain business as early as 2018, offering a multi-chain cryptocurrency wallet and various DApp services, with millions of users worldwide. However, PayPal, as a traditional payment network giant, only began investing in the blockchain industry in 2019 and offers cryptocurrency trading services in only a few countries.

The current actions raise concerns that traditional giants may be leveraging their legal advantages to suppress others, and there is hope for effective communication between TokenPocket and PayPal soon. TokenPocket's official statement once again urges users to remember to back up their private keys and recovery phrases and looks forward to being relisted as soon as possible.