Currencies

Banking Giant JPMorgan Files Trademark for New Crypto Wallet With Ability to Exchange and Transfer Virtual Currencies

Financial services industry titan JPMorgan has filed a trademark for a new digital assets wallet.

In a recent filing with the United States Trademark and Patents Office (USTPO), JPMorgan filed a trademark for a product called J.P. Morgan Wallet.

According to the required trademark statement of use document, the J.P. Morgan Wallet’s identified purpose is to facilitate digital currency exchange.

“Financial services, namely, providing electronic transfer of virtual currencies; providing electronic transfer of virtual currencies for use by members of an online community via a global computer network; financial exchange of virtual currencies; cryptocurrency payment processing; credit and cash card payment processing services; charge card and credit card payment processing services…”

According to USPTO, the trademark was officially registered on November 15, 2022.

JP Morgan has been monitoring the cryptocurrency space for years. Earlier this month, JP Morgan conducted some of the first blockchain-based transactions in the banking industry in a pilot program with DBS Bank and SBI Digital Asset Holdings.

Said Umar Farooq, chief executive officer of JPMorgan’s blockchain unit Onyx, at the time,

“It was the first time we had tokenized deposits. I actually think it’s the first time any bank in the world has tokenized wallets on a public blockchain.

Using public blockchain, we had to spend a lot of time thinking through identity. We did lots of audits of smart contracts because again – they were publicly visible. And finally, it was using a protocol to actually make it all happen. It’s a lot of managing the risks. All of these were firsts for us.”

One month ago, JP Morgan announced they were exploring the possibility of a blockchain-based wallet.

“Web3 demands a new way for us to interact with digital assets, protect our identities and access the Web3 economy. Onyx by J.P. Morgan is on the forefront of exploring a future that enables us to seamlessly traverse digital realms in a trusted way. This future calls for the ability to store, view and share your digital assets that are bound to your digital identity, all in one place.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/lycreative.id

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