Amid the current turmoil in the crypto market, signs of long-term crypto adoption continue to mount. The latest is that banking giant JPMorgan’s crypto wallet is now officially a registered trademark in the U.S.
U.S. banking giant JPMorgan recently registered a trademark with the United States Patent and Trademark Office (USPTO) for the “J.P. MORGAN WALLET.” The news followed a Monday tweet by licensed trademark attorney Mike Kondoudis saying:
“J.P. MORGAN WALLET is now a registered trademark for Virtual currency transfer + exchange, Crypto payment processing, Virtual checking accounts, and Financial Services. The USPTO granted the JPMORGAN application on November 15.”
According to Kondoudis, the trademarked cryptocurrency wallet is tailored to transfer and exchange virtual currencies, crypto payment processing, virtual checking accounts, and financial services in general.
Kondoudis also provided a link to the U.S. Patent and Trademark Office’s record for the J.P. MORGAN WALLET trademark registration after showing an image of the banking firm’s approval from the USPTO on November 15 for the trademarked creation of its crypto wallet.
From the filing, JP Morgan is looking to provide crypto wallet services for members of online communities on a global scale, with mentions of intent to support various languages and currencies. An outline in the document reads:
“Financial services, namely, providing electronic transfer of virtual currencies; providing electronic transfer of virtual currencies for use by members of an online community via a global computer network… providing an Internet website portal in the field of financial transaction and payment processing services in multiple languages and currencies…,”
In the filing, JPMorgan also reveals plans to facilitate the development of a service variety for users, which covers everything from creating the account to managing risks, stating in the application, “Virtual payment account creation, aggregation, financial risk management, and payment reference management, comprising financial administration of virtual checking accounts.”
Despite the previous comments of JPMorgan CEO Jamie Dimon on terminating any employee trading Bitcoin for being “stupid,” the banking giant has been one of the most active banks in the blockchain technology and crypto sectors.
In 2013, the bank made its first proposal to embrace a Bitcoin-style payment structure before filing for a patent for a peer-to-peer (P2P) payment system in 2018. With the P2P system, the company would enable the use of blockchain for intra-and inter-bank settlements.
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More recently, the banking giant signed a deal with Singapore’s DBS Bank and Japan’s SBI Digital Asset Holdings to participate in a project from the Monetary Authority of Singapore. In the agreement, JPMorgan sought to pilot use cases of digital assets and decentralized finance (DeFi). In part, the exploration saw JPMorgan perform its first live trade on a public blockchain and marked a significant step in institutional DeFi.
With this groundbreaking industry pilot, JPMorgan and the two banks conducted foreign exchange and government bond transactions against liquidity pools made up of tokenized Singapore Government Securities Bonds, Japanese Government Bonds, Japanese Yen (JPY), and Singapore Dollars (SGD).
In October, JPMorgan announced that it was exploring the launch of a digital wallet set to enable users to choose digital identity credentials across different DeFi and metaverse apps. The bank also revealed that they had partnered with Visa to develop cross-border payments by leveraging their private blockchain networks Link and B2B Connect.
Now that the cryptocurrency wallet is a legitimate trademark in the U.S., it signifies that more excellent plans exist for integrating blockchain technology and crypto into mainstream society.
