Banking giant, JP Morgan’s crypto wallet trademark gets approval (2024)

New Delhi,UPDATED: Nov 22, 2022 18:08 IST

The banking giant, JP Morgan Chase, has registered and patented the ‘J.P. Morgan Wallet’ under USPTO, i.e., the United States Patent and Trademark Office, as per the document published on 21 November. This new development will see the bank offering crypto and bitcoin services to its existing pool of customers.

Here, it must be noted that JP Morgan has been awarded the trademark by the US Patent Office after more than two years in application status. In other words, the bank applied for the trademark in July 2022, and the application was finally approved on 15 November.

J.P. MORGAN WALLET is now a registered trademark for:
▶️ 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— Mike Kondoudis (@KondoudisLaw) November 21, 2022

What does the trademark imply?

The approval meant that the bank would now provide services like cryptocurrency transfers on the blockchain; cryptocurrency exchange services; cryptocurrency payment processing services, including the processing of crypto payments through credit and cash cards; processing cross-border payments and services that involve the creation and management of virtual checking accounts, etc.

Moreover, the trademark will also cover other financial services like virtual checking accounts, e-check processing, etc.

Know JP Morgan’s existing operations on crypto-related product lines

Apart from this, the bank continues to operate various crypto-related product lines, including Onyx, its blockchain network, and JPM Coin, its private stablecoin.

Further, early this month, the company had executed its very first DeFi trade. The same was facilitated by MAS, i.e., the Monetary Authority of Singapore.

Interestingly, JP Morgan’s CEO, Jamie Dimon, earlier maintained a radical stance against Bitcoin and cryptocurrencies, calling them fraud. However, the bank's board had other plans for cryptocurrencies. In recent times, it has explored blockchain technology and ways to incorporate it into its services.