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JPMorgan To Provide Bitcoin Exchange, Transfer And Payment Services Via Its Newly Approved Trademark

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thecryptobasic.com 21 November 2022 14:25, UTC
  
Reading time: ~2 m

JP Morgan is set to provide Bitcoin exchange services through its newly-approved trademark, “JP Morgan Wallet.”


America’s largest bank by total assets, JPMorgan Chase, is set to deliver bitcoin and cryptocurrency exchange services and related offerings to the public through the trademark “JP Morgan Wallet” which was recently registered by the United States Patent and Trademark Office (USPTO).

The USPTO approved the trademark application from JP

Morgan on November 15, as revealed in a document provided by notable trademark attorney Mike Kondoudis. Kondoudis disclosed the development on Twitter.

“J.P. MORGAN WALLET is now a registered trademark for:

  • Virtual currency transfer + exchange
  • Crypto payment processing
  • Virtual checking accounts
  • Financial services

The USPTO granted the JPMORGAN application on Nov 15,” Kondoudis revealed in a tweet Monday.

J.P. MORGAN WALLET is now a registered trademark for:
▶️ Virtual currency transfer + exchange
▶️ Crypto payment processing
▶️ Virtual checking accounts
▶️ Financial services

The USPTO granted the #JPMORGAN application on Nov 15#NFTs #Metaverse #Crypto #Web3 #NFT #Finance pic.twitter.com/Qg2wSeqtFf

— Mike Kondoudis (@KondoudisLaw) November 21, 2022

Information from the document reveals that, under the trademark, JPMorgan will be providing crypto-focused services related to digital asset exchange and payment processing. Some of these offerings include:

  • Providing services relating to cryptocurrency transfers on a blockchain.
  • Cryptocurrency exchange services.
  • Cryptocurrency payment processing services include processing crypto payments through credit and cash cards.
  • Processing cross-border payments by handling foreign exchange settlements in different currencies across several borders.
  • Services that involve the creation and management of virtual checking accounts.

As the internet transforms the world into a global village, individuals across several countries have a greater desire to make transnational payments. Cryptocurrencies present a seamless and effective way to make these payments. Several top entities, such as JPMorgan, are looking to leverage this, evidenced in the introduction of its J.P. Morgan Wallet initiative.

JPMorgan filed the trademark application with the serial number 90071872 in July 2020, according to information from the legal website Justia.

Despite its CEO Jamie Dimon’s negative view of bitcoin and the broader cryptocurrency market, JPMorgan has not been as antagonistic to the asset class. Consequently, its desire to have direct exposure to cryptocurrencies is not surprising.

In August last year, JPMorgan presented its clients with an opportunity to invest in a crypto-focused fund provided by New York Digital Investment Group (NYDIG), a crypto investment management firm. This followed a similar move in July in which the bank provided its clients with a crypto fund from Osprey Funds and four funds provided by Grayscale.


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