Key Takeaways
- JP Morgan has actually signed up a hallmark for a digital wallet and associated cryptocurrency processing services.
- The hallmark does not solely use to crypto however can likewise be used to other monetary services.
- Currently, the business is utilizing the hallmark with a service that offers company subledgers.
Banking huge JPMorgan Chase's application for a hallmark for a digital wallet with crypto functions has actually been granted by the U.S. Patent Office after more than 2 years in application status.
JPM Trademarks Wallet Brand
JP Morgan has actually signed up a digital wallet brand name.
According to a filing with the U.S. Patent and Trademark Office, the bank submitted a hallmark for "JP Morgan Wallet" in July 2020; the filing was lastly authorized on November 15.
The text of the hallmark suggests that it can be used to online services, consisting of cryptocurrency payment processing, the electronic transfer of virtual currencies by an online neighborhood, and the exchange of virtual currencies.
The hallmark does not specifically use to crypto services. It can likewise be used to other monetary services, consisting of virtual bank account, Automated Clearing House (ACH) payments, e-check processing, and costs payments.
Currently, JP Morgan seems utilizing the brand name for a service that supplies company subledgers.
Though JP Morgan has actually not yet used the hallmark to a full-fledged crypto wallet, it has actually made numerous inroads into the blockchain market over the previous numerous months.
On November 2, the business carried out a worldwide currency swap utilizing the Polygon blockchain. It carried out that deal with 2 Singapore-based banks, DBS Bank and SBI Digital Asset Holdings.
Additionally, JP Morgan partnered with Visa on October11 That collaboration intended to incorporate JP Morgans's blockchain item Liink with Visa's B2B Connect network.
Also this year, JP Morgan performed an on-chain deal including the settlement of BlackRock possessions, opened an area in the blockchain-based virtual world Decentraland, and talked about Ethereum's current combine
The banking giant continues to run different cryptocurrency-related line of product, including its blockchain network Onyx and its personal stablecoin, JPM Coin.
Those advancements, though not straight associated to today's news, will put the bank in a strong position to broaden its crypto services under its brand-new wallet brand name.
Disclosure: At the time of composing, the author of this piece owned BTC, ETH, and other digital properties.
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