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U.S. Patent and Trademark Office has officially approved the 'J.P. Morgan Wallet'

Jordan Finneseth

Kitco News

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(Kitco News) - Behind the scenes of the current turmoil in the cryptocurrency market, long-term signs of adoption continue to mount.

The latest signal that there are greater plans for the integration of blockchain technology and cryptocurrencies into mainstream society comes from the U.S. banking giant JPMorgan, which recently registered a trademark with the United States Patent and Trademark Office (USPTO) for the “J.P. MORGAN WALLET.”

Licensed trademark attorney Mike Kondoudis posted the following tweet on Monday which shows the approval the banking firm received from the USPTO on Nov. 15 for the trademarked creation of its own crypto wallet.

As noted by Kondoudis, the trademarked crypto wallet is designed to transfer and exchange virtual currencies, crypto payment processing, virtual checking accounts and financial services in general.

A closer look at the filing shows that JP Morgan is preparing to provide crypto wallet services for members of online communities in multiple countries, offering support for various languages and currencies.

“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… providing an Internet website portal in the field of financial transaction and payment processing services in multiple languages and currencies…,” were outlined in the document.

The banking giant also laid out its intention to facilitate the creation of a host of services for users that cover everything from account creation to risk management.

“Virtual payment account creation, aggregation, financial risk management, and payment reference management comprising financial administration of virtual checking accounts,” the application read.

JPMorgan has been one of the more active banks in the realm of blockchain technology and cryptocurrencies despite prior comments by its CEO Jamie Dimon that he would fire any employee trading Bitcoin for being “stupid.”

The bank first proposed a Bitcoin-style payment system back in 2013 and filed a patent for a peer-to-peer payment system that would use blockchain for intra- and inter-bank settlements in 2018.

More recently, the firm joined two other banks to participate in a project from the Monetary Authority of Singapore seeking to pilot use cases of digital assets and decentralized finance (DeFi). As part of the exploration, JPMorgan conducted its first live trade on a public blockchain.

In October, the bank revealed that it was exploring the launch of a digital wallet that would make it possible for users to choose digital identity credentials across various DeFi and metaverse apps. It also announced a partnership with Visa to work on developing cross-border payments through the use of their private blockchain networks Liink and B2B Connect.

By Jordan Finneseth

For Kitco News

Contact jfinneseth@kitco.com
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