The “J.P. Morgan Wallet” has been legally registered and patented by JPMorgan with the US Patent and Trademark Office, according to a formal document released on November 21, 2022. (USPTO).
JP Morgan’s Crypto Plans
The legacy bank will start providing cryptocurrency and bitcoin services to its current customer base as a result of this new enrollment.
According to the document’s specifics, JPMorgan will offer services related to cryptocurrency exchange, cryptocurrency transfers on the blockchain, cryptocurrency payment processing services, including processing cryptocurrency payments through credit and debit cards, processing cross-border payments by handling currency exchange settlements across multiple borders, and services for creating and managing virtual check-ins.
Trademark Application Was Submitted In 2020
The trademark permission was received on November 15, 2022, but it wasn’t publicized until today. JPMorgan Chase submitted a trademark application in July 2020 with the serial number 90071872 according to data from Justia, an American website that specializes in legal information retrieval.
The bank has been investigating blockchain and cryptocurrency even though CEO Jamie Dimon has been critical of crypto.
Along with other traditional financial institutions, Fidelity Bank, New York Bank Mellon, and JPMorgan are now providing services linked to cryptocurrencies, such as payments and exchanges. The decision was made while the FTX crash is shattering the cryptocurrency industry.
Signal Of Long-term Adoption?
Long-term signals of adoption are still growing despite the current upheaval in the bitcoin industry.
The largest U.S. bank, JPMorgan, announcing that its trademark application with the United States Patent and Trademark Office (USPTO) for the “J.P. MORGAN WALLET,” has been accepted, provides the most recent evidence that greater plans exist for integrating blockchain technology and cryptocurrencies into mainstream society.
This is a welcome signal amid all the negative precipitated by the FTX crypto crash.
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