Trademark Approval Granted to JPMorgan Chase for Cryptocurrency Wallet
JPMorgan has trademarked a cryptocurrency digital wallet and associated cryptocurrency processing services. The trademark is not limited to the cryptocurrency industry but can also be used for other financial services.
After more than two years in application status, the U.S. Patent Office has granted the banking giant JPMorgan Chase's trademark application for a digital wallet featuring crypto features.
The bank registered a trademark for "JP Morgan Wallet" with the U.S. Patent and Trademark Office in July 2020; They finally accepted the application on November 15.
According to the trademark's text, it can be used for online services such as processing cryptocurrency payments, electronic virtual currency transfers between members of an online community, and virtual currency exchange.
The trademark is not just used for crypto services. It can also be used for other financial services like bill payment, e-check processing, automated clearing house (ACH) payments, and virtual checking accounts.
It appears that JP Morgan is currently using the name for a corporate sub-ledger service.
Although JP Morgan hasn't yet used the trademark on a full-fledged cryptocurrency wallet, it has recently made some headway into the blockchain sector.
On November 2, the business used the Polygon blockchain to carry out a cross-border currency exchange. With two banks from Singapore, DBS Bank and SBI Digital Asset Holdings, it completed that transaction.
JP Morgan and Visa also collaborated on October 11. This collaboration aimed to connect Visa's B2B Connect network with JP Morgan's blockchain product Liink.
JP Morgan also conducted an on-chain transaction involving the settlement of BlackRock assets this year, launched a location in the blockchain-based online community Decentraland, and offered an opinion on Ethereum's most recent merger.
The financial behemoth still runs several cryptocurrency-related product lines, such as its private stablecoin JPM Coin, and its blockchain network Onyx.
Even though they are unrelated to today's news, those developments will give the bank a good foundation for growing its crypto services under its new wallet brand.
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