Nike Swooshes into Crypto

Nike Swooshes into Crypto

An article in the Portland Business Journal (PBJ) has reported that global sportswear and apparel company Nike has applied for a trademark for the word Cryptokicks that would be used to underpin “a digital currency” and “an electronic marketplace for footwear and clothing.”

While the company has not responded to the PBJ’s invitation for comment at the time of publication, the trademark application strongly suggests that Nike’s iconic Swoosh logo will soon be taking a place in the digital asset class.

Nike Footware

A Washington D.C. Trademark attorney, Josh Gerben, told the PBJ that “Nike does not have a history of filings that are speculative” and he believed they were serious in the application.

Earlier this month, the PBJ disclosed that Nike have already filed a trademark application for the word Footware, which is seen as compound of the more familiar words footwear and software, reflecting Nike’s expected expansion into the digital arena. The move is thought to be based on impressive sales growth in this area with the latest digital sales figures up 36% contributing to Nike’s reported annual revenue of $9.6 billion.

Nike are already recognised as a leading innovator in combining mobile apps with in-store technology to capture brand loyalty and sales so the progression into crypto was not entirely unexpected.

Despite rumours persisting around the possibility of a Facebook coin and industry insiders such as Binance’s CEO Changpeng Zhao suggesting that Amazon will have no option but to follow suit, most multi-national corporations have so far been cagey in revealing their intentions regarding their own digital currencies.

However, should Nike chose to be more transparent in their plans, they will not be alone in the business world as several other major players, including Air Asia and Japan’s largest bank – Mitsubishi UFJ Financial Group – have already publicly announced investments in their own similar ventures.