JPMorgan Registers Trademark For Crypto Wallet

JPMorgan Chase & Co. (JPM) registered a trademark for cryptocurrency wallets.

Key Takeaways

  • America’s largest financial institution, JPMorgan Chase & Co. (JPM), formally registered a trademark for cryptocurrency wallets.
  • JPMorgan is specializing in providing crypto fee companies, together with crypto fee processing, digital checking account, and extra. 
  • Despite the fact that CEO Jamie Dimon believes cryptos will not be a very good funding, the financial institution continues to discover them.

In line with an official doc printed on Nov. 21, 2022, JPMorgan has formally registered and patented the “J.P. Morgan Pockets” beneath the US Patent and Trademark Workplace (USPTO). This new enrollment will see the legacy financial institution provide crypto and bitcoin companies to its current pool of consumers. 

Mike Kondoudis, USPTO licensed trademark lawyer, tweeted that the approval meant JPMorgan would now present “Digital foreign money switch + trade, Crypto fee processing, Digital checking accounts, and Monetary companies.”

Particulars from the doc point out that JPMorgan will likely be offering companies referring to cryptocurrency transfers on the blockchain; cryptocurrency trade companies; cryptocurrency fee processing companies which embrace processing crypto funds by way of credit score and money playing cards; processing cross-border funds by dealing with international trade settlements in numerous currencies throughout a number of borders; and companies that contain the creation and administration of digital checking accounts.

Though the trademark approval got here in on Nov. 15, 2022, it was solely printed at present. In line with data from Justia, an American web site specializing in authorized data retrieval, JPMorgan Chase filed for the trademark in July 2020 with the serial 90071872. 

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Despite the fact that CEO Jamie Dimon has been antagonistic in the direction of crypto, the financial institution has been exploring crypto and blockchain. JPMorgan has joined Constancy Financial institution and New York Financial institution Mellon in providing crypto-related companies reminiscent of funds and exchanges, in addition to different legacy monetary establishments. The transfer comes at a time when the crypto world is shattered by the FTX collapse.