Is Insurance Giant Prudential Planning A Crypto Push?

Prudential Insurance is likely planning to enter the crypto market, according to recent trademark filing data.

The insurer filed 10 trademark applications related to NFTs, cryptocurrencies, and blockchain technology with the U.S. Patent and Trademark Office (USPTO).

The insurance giant has filed trademark applications for Prudential, its iconic “The Rock,” asset management subsidiary PGIM, its ticker “PRU,” and its Rock logo.

Prudential Files For NFTs, Crypto and Blockchain Related Trademarks

Mike Kondoudis, licensed trademark attorney at the USPTO, announced in a tweet on June 7 that Prudential Insurance has filed 10 trademark applications for providing financial services related to NFTs, cryptocurrencies, and blockchain technology. Also, the company will offer financial information about decentralized finance, NFTs, and cryptocurrencies.

Moreover, Prudential Insurance will provide virtual insurance and financial services for the metaverse and virtual environments. The metaverse hype has led many companies, famous personalities, and investors to enter the metaverse.

Prudential has been exploring blockchain technology for quite some time now. However, the trademark applications related to NFTs, cryptocurrencies, and metaverse shows the interest of the company in innovative technologies. The company has changed its stance on digital assets due to increasing crypto adoption.

In fact, a recent article by Brad Hearn, president of retail advice and solutions at Prudential, talks about using the crypto craze as a way to improve better financial literacy. It reads:

“Cryptocurrencies, the decentralized financial assets built on the block chain, are generating excitement and activity with new investors, from Baby Boomers to Gen Z. It’s also helped shine a much-needed spotlight on finance for the general public.”

Crypto Adoption Increasing Among Insurance Providers

There have been recent reports indicating insurance companies looking to invest in cryptocurrencies and embrace digital assets. A recent report by investment banking giant Goldman Sachs shows insurance companies are slowly embracing crypto investing directly or through crypto products. Also, the U.S.- based insurance companies are more interested in cryptocurrencies.