JPMorgan to Roll out Crypto Wallet Under New Trademark

The global banking institution JPMorgan has trademarked a cryptocurrency wallet. The banking giant is developing a global computer network to facilitate the electronic transfer of virtual currencies.

Kondoudis, a patent and trademark lawyer, claims that on November 15, the U.S. Patent and Trademark Office (USPTO) authorized JPMorgan Chase Co.'s trademark application. According to him, the trademark extends to the buying and selling of cryptocurrencies and the processing of payments made using cryptocurrencies.

The bank's CEO has taken a public stand against Bitcoin and other cryptocurrencies, but the bank is still betting on crypto-related products in an effort to speed up its transactions. In 2013, JPMorgan suggested a system of payments similar to Bitcoin. It submitted a patent application in 2018 for a P2P payment system that would facilitate intra- and inter-bank settlements via blockchain technology. 

The bank's support for crypto innovation was on display when, in late October 2020, it announced the launch of its JPM Coin stablecoin, the first cryptocurrency backed by a U.S. bank used to send cross-border payments. To facilitate the creation of innovative products, networks, and markets, they simultaneously unveiled Onyx, the first blockchain platform to be headed by a bank.

At the beginning of November, JPMorgan completed its first international transaction using Polygon, a Layer-2 scalability solution for the Ethereum network. This was a big step for the bank.

Last month, the biggest bank in the United States said that it was considering making a digital wallet that would let customers choose digital identification keys across multiple DeFi and metaverse apps.

(Source: DAILYCOIN)