JPMorgan obtains a trademark for a cryptocurrency wallet
JPMorgan (NYSE: JPM) continues to progress in the cryptocurrency industry, with trademark registrations indicating the bank’s aim to investigate a variety of products.
The institution has filed a trademark for ‘J.P. MORGAN WALLET’ with the United States Patent and Trademark Office (USPTO) in order to provide a crypto wallet for digital currency conversion and transfer. USPTO issued the trademark on November 15.
Non-fungible tokens (NFTs) and metaverse licensed trademark attorney Michael Kondoudis verified the news in a tweet on November 21.
According to Kondoudis, the wallet trademark for cryptocurrencies such as Bitcoin (BTC) also encompasses crypto payment processing, virtual checking accounts, and other financial services, such as the administration of counterparty money for electronic transfer.
Notably, the bank has continued to investigate blockchain technology and how to integrate it into its services in the past. Recently, the lender, along with two other banks, intended to join a Monetary Authority of Singapore pilot program to test use cases for digital assets and decentralized financing (DeFi).
Moreover, as part of its efforts to enhance and modernize its business operations, JPMorgan has placed a greater emphasis on monitoring metaverse-related developments. The bank has acquired the California payment startup Renovite Technologies in an effort to expedite the launch of its cloud payment services.
Despite the existing bear market, the number of conventional financial institutions warming up to the crypto area has surged in recent months. For instance, payment giant Visa (NYSE: V) applied for a crypto wallet trademark in October with a patent to digitize actual fiat cash.
American Express (NYSE: AXP) and the New York Stock Exchange will follow suit as they aim to expand their consumer base and enhance their business operations.