- America’s largest bank, JPMorgan Chase & Co. (JPM), officially registered a trademark for cryptocurrency wallets.
- JPMorgan is focusing on offering crypto payment services, including crypto payment processing, virtual checking account, and more.
- Even though CEO Jamie Dimon believes cryptos are not a good investment, the bank continues to explore them.
According to an official document published on Nov. 21, 2022, JPMorgan has officially registered and patented the “J.P. Morgan Wallet” under the United States Patent and Trademark Office (USPTO). This new enrollment will see the legacy bank offer crypto and bitcoin services to its existing pool of customers.
Mike Kondoudis, USPTO licensed trademark attorney, tweeted that the approval meant JPMorgan would now provide “Virtual currency transfer + exchange, Crypto payment processing, Virtual checking accounts, and Financial services.”
Details from the document indicate that JPMorgan will be providing services relating to cryptocurrency transfers on the blockchain; cryptocurrency exchange services; cryptocurrency payment processing services which include processing crypto payments through credit and cash cards; processing cross-border payments by handling foreign exchange settlements in different currencies across several borders; and services that involve the creation and management of virtual checking accounts.
Although the trademark approval came in on Nov. 15, 2022, it was only published today. According to information from Justia, an American website specializing in legal information retrieval, JPMorgan Chase filed for the trademark in July 2020 with the serial 90071872.
Even though CEO Jamie Dimon has been antagonistic towards crypto, the bank has been exploring crypto and blockchain. JPMorgan has joined Fidelity Bank and New York Bank Mellon in offering crypto-related services such as payments and exchanges, as well as other legacy financial institutions. The move comes at a time when the crypto world is shattered by the FTX collapse.