Technology

JP Morgan Registers Trademark For a New Cryptocurrency Wallet

On November 21, U.S. Patent and Trademark Attorney Michael Kondoudis announced that JP Morgan & Chase Co, the largest bank in the United States— and one of the largest financial companies in the world— registered a patent to venture into the Web3 with a digital crypto wallet. According to Kondoudis, the U.S. Patent and Trademark Office (USPTO) approved the application by JP Morgan & Chase Co.on November 15. The wallet will offer services like virtual currency transfer and exchange, crypto payment processing, virtual checking accounts, and financial services. Despite the controversial stance of its CEO against Bitcoin and cryptocurrencies in general, the bank continues to bet on crypto-related products to streamline its transactions. In early November, they took a “big step” by completing their first cross-border transaction using Polygon, a Layer-2 scalability solution for the Ethereum network. In late October 2020, the bank announced the launch of its JPM Coin stablecoin, the first cryptocurrency to be backed by a U.S. bank used to send cross-border payments, demonstrating its position in favor of crypto innovation. On the same date, they launched Onyx, the world’s first bank-led blockchain platform, to develop innovative products, platforms, and marketplaces. Although the trademark registration of the “JP Morgan Wallet” shows that the new digital wallet will be used to process cryptocurrency payments, it does not elaborate on which cryptocurrencies are allowed.

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