JPMorgan Chase, the largest bank in the United States, formally registered a trademark for its cryptocurrency wallets. The bank is interested in offering various services connected to cryptocurrencies, and these services include processing payments in crypto, availing online checking accounts and other such related services.
A formal document, which was published last week, reveals that the bank officially patented as well as registered the J.P. Morgan Wallet at the U.S. Patent &Trademark Office. This development will now see JPMorgan Chase providing various crypto services to its existing and future customers.
According to the contents of the trademark document, JPMorgan is slated to offer crypto exchange services, processing crypto payments through cash or debit cards, facilitating transnational payments and enabling forex transactions involving parties that use different currencies as well as creating and managing online checking accounts that utilize cryptocurrencies.
While the JPMorgan wallet trademark was approved on Nov. 15, 2022, the notice making this approval public was published on Nov. 21, 2022. According to media reports, the bank filed its application back in July 2020. This application had the serial number 90071872. It therefore appears that processing the application took more than two years, but this could be explained by the fact that 2020 and a significant portion of 2021 were disrupted by the COID-19 pandemic, and so the USPTO may have been operating at less than optimal levels due to stay-at-home orders.
It should be noted that JPMorgan’s CEO Jamie Dimon has been publicly critical of cryptocurrencies. Despite this, the bank he heads has been giving cryptocurrencies as well as blockchain technology serious consideration. With this trademark announcement, the bank now joins several notable banking industry names such as Fidelity as well as New York Bank Mellon in the race to leverage blockchain technologies and integrate them into the service offerings of these traditional banking institutions.
JPMorgan Chase’s entry into this space comes at a time when the crypto world was beginning to recover from a lengthy bear market dubbed the “crypto winter.” Before this recovery could take root, the industry was again dealt a body blow by the spectacular collapse of FTX, one of the largest cryptocurrency exchanges on the globe. It is still early to determine what the domino effect of this collapse will be, but rumors are already rife that this giant could take other players in the industry down with it.
However, FTX’s going belly up doesn’t mean that the underlying blockchain industry and cryptos are flawed. Companies rise and fall in all industries, and other players in the crypto space, such as Marathon Digital Holdings Inc. (MARA), are pressing ahead with their operations as the industry keeps growing.
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