JPMorgan Chase Crypto Wallet Trademark Is Approved
The bank's new brand can be applied to virtual currency services and more.
Key Takeaways
- 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.
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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.
JPM Trademarks Wallet Brand
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.
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.
Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and other digital assets.
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