JP Morgan, the biggest bank in America according to market cap, has to enter the crypto space by registering a trademark for cryptocurrency wallets.
- JP Morgan has registered a trademark for a digital wallet and related cryptocurrency processing services.
- The trademark does not exclusively apply to crypto but can also be applied to other financial services.
- Currently, the company is using the trademark with a service that provides business subledgers.
Banking giant JPMorgan Chase’s application for a trademark
for a digital wallet with crypto features has been awarded by the U.S. Patent
Office after more than two years in application status.
JP Morgan has registered a digital wallet brand.
According to a filing with the U.S. Patent and Trademark
Office, the bank filed a trademark for “JP Morgan Wallet” in July 2020; the
filing was finally approved on November 15.
The text of the trademark indicates that it can be applied
to online services, including cryptocurrency payment processing, the electronic
transfer of virtual currencies by an online community, and the exchange of
virtual currencies.
The trademark does not exclusively apply to crypto services.
It can also be applied to other financial services, including virtual checking
accounts, Automated Clearing House (ACH) payments, e-check processing, and bill
payments.
J.P. MORGAN WALLET is now a registered trademark for:
— Mike Kondoudis (@KondoudisLaw) November 21, 2022
▶️ Virtual currency transfer + exchange
▶️ Crypto payment processing
▶️ Virtual checking accounts
▶️ Financial services
The USPTO granted the #JPMORGAN application on Nov 15#NFTs #Metaverse #Crypto #Web3 #NFT #Finance pic.twitter.com/Qg2wSeqtFf
Currently, JP Morgan appears to be using the brand for a
service that provides business subledgers.
Though JP Morgan has not yet applied the trademark to a
full-fledged crypto wallet, it has made several inroads into the blockchain
industry over the past several months.
On November 2, the company performed an international currency
swap using the Polygon blockchain. It performed that transaction with two
Singapore-based banks, DBS Bank and SBI Digital Asset Holdings.
Additionally, JP Morgan partnered with Visa on October 11.
That partnership aimed to integrate JP Morgans’s blockchain product Liink with
Visa’s B2B Connect network.
Also this year, JP Morgan carried out an on-chain
transaction involving the settlement of BlackRock assets, opened a space in the
blockchain-based virtual world Decentraland, and commented on Ethereum’s recent
merge.
The banking giant continues to operate various
cryptocurrency-related product lines, including its blockchain network Onyx and
its private stablecoin, JPM Coin.
Those developments, though not directly related to today’s
news, will put the bank in a strong position to expand its crypto services
under its new wallet brand.