In an official document published on Nov. 21, 2022, JPMorgan has officially registered and patented the “JP Morgan Wallet” under the United States Patent and Trademark Office (USPTO). As a result of this new enrollment, JP Morgan Chase will be able to offer crypto and bitcoin services to its existing customer base.
The approval means, according to Mike Kondoudis, a USPTO-licensed trademark attorney, that JPMorgan will now be able to offer “Virtual currency transfer and exchange, cryptocurrencies payment processing, virtual checking accounts, and financial services.”
According to the document, JPMorgan will provide services such as cryptocurrency transfers on the blockchain, cryptocurrency exchange services, cryptocurrency payment processing services such as processing crypto payments through credit and cash cards, processing cross-border payments by handling foreign exchange settlements in different currencies internationally, and services involving the creation and management of virtual checking accounts.
Although JP Morgan hasn’t yet used the trademark on a full-fledged cryptocurrency wallet, it has made some headway into the Crypto industry recently. On November 2, the bank used the Polygon blockchain to carry out a cross-border money exchange. With two banks from Singapore, DBS Bank and SBI Digital Asset Holdings, it completed that transaction. JP Morgan and Visa also collaborated on October 11. This collaboration intended to connect Visa’s B2B Connect network with JP Morgan’s blockchain product Liink.