After more than two years in application status, the JP Morgan crypto wallet will be released soon.
The US Patent Office has granted the application for a trademark for a digital wallet with crypto features.
JP Morgan crypto wallet registration has been accepted
According to a filing with the United States Patent and Trademark Office, the bank applied for a trademark for JP Morgan Crypto Wallet in July 2020, and the application was accepted on November 15.
The trademark language says that it can be applied to online services such as bitcoin payment processing, electronic transfer of virtual currencies by an online community, and virtual currency trading.
The trademark does not only cover crypto services. It may also be used for other financial services such as virtual checking accounts, ACH payments, e-check processing, and bill payments.
JP Morgan is currently utilizing the trademark for a service that delivers business sub-ledgers.
Though JP Morgan has yet to apply the trademark to a full-fledged crypto wallet, it has made many breakthroughs in the blockchain business in recent months.
On November 2, the firm used the Polygon blockchain to conduct an international currency swap. That deal was completed with two Singapore-based banks, DBS Bank and SBI Digital Asset Holdings.
JP Morgan also teamed with Visa on October 11. This collaboration aimed to connect JP Morgan’s blockchain product Link to Visa’s B2B Connect network.
JP Morgan also completed an on-chain transaction involving the settlement of BlackRock assets this year, launched a space in the blockchain-based virtual world Decentraland, and commented on Ethereum’s recent merger.
The banking behemoth maintains a number of cryptocurrency-related product lines, including its blockchain network Onyx and its private stablecoin, JPM Coin.
Although not directly related to today’s news, these developments will put the bank in a strong position to expand its crypto services under its new wallet brand.
JP Morgan crypto wallet may be good news for the crypto world, but we have sad news, unfortunately: Crypto started crashing recently; click here to learn why.
About JPMorgan Chase
JPMorgan Chase & Co. is an American multinational investment bank and financial services holding company headquartered in New York City and incorporated in Delaware. As of 2022, JPMorgan Chase is the largest bank in the United States, the world’s largest bank by market capitalization, and the fifth largest bank in the world in terms of total assets, with total assets of US$3.954 trillion. Additionally, JPMorgan Chase is ranked 24th on the Fortune 500 list of the largest United States corporations by total revenue. It is considered a systemically important bank by the Financial Stability Board.
As a “Bulge Bracket” bank, it is a major provider of various investment banking and financial services. It is one of America’s Big Four banks, along with Bank of America, Citigroup, and Wells Fargo. JPMorgan Chase is considered to be a universal bank and a custodian bank. The J.P. Morgan brand is used by the investment banking, asset management, private banking, wealth management, commercial banking, and treasury services divisions. Fiduciary activity within private banking and private wealth management is done under the aegis of JPMorgan Chase Bank, N.A.—the actual trustee.
The Chase brand is used for credit card services in the United States, and the bank’s retail banking activities in the United States and United Kingdom. Commercial Banking at JPMorgan Chase operates under both the Chase and J.P. Morgan brands. The bank’s corporate headquarters are currently located at 383 Madison Avenue in Midtown Manhattan, New York City, since the prior headquarters building directly across the street, 270 Park Avenue, was demolished and a larger replacement headquarters is being built on the same site.
The current company was originally known as Chemical Bank, which acquired Chase Manhattan and assumed that company’s name. The present company was formed in 2000, when Chase Manhattan Corporation merged with J.P. Morgan & Co.