- JPMorgan now owns the USPTO Bitcoin Wallet Brand.
- Despite the reservations of senior executives about the asset, the bank is betting on the cryptocurrency.
- Institutions around the world are adopting bitcoin.
JPMorgan, a global banking institution headquartered in New York City, has Registered as a trademark Cryptocurrency wallet. The banking giant is developing a global computer network to facilitate electronic transfers of virtual currencies.
Kondoudis, a patent and trademark attorney, claims that on November 15, the United States Patent and Trademark Office (USPTO) approved JPMorgan Chase Co.’s trademark application. According to him, the brand extends to buying and selling cryptocurrencies and processing payments made with cryptocurrencies.
JPMorgan Chase Expands Cryptocurrency Operations
The bank’s CEO has taken a public stance 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 proposed a payments system similar to Bitcoin. It filed 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 cryptocurrency innovation was on display when, in late October 2020, it announced the launch of the JPM Coin stablecoin, the first cryptocurrency backed by a US bank used to send cross-border payments. To facilitate the creation of innovative products, networks and marketplaces, they have simultaneously unveiled Onyx, the first blockchain platform headed by a bank.
At the beginning of November, JPMorgan completed its first international transaction using Polygon, a layer-2 scalable solution for the Ethereum network. This was a big step for the bank.
Last month, the largest US bank said it was considering creating a digital wallet that would allow customers to choose digital identification keys across several DeFi and Metaverse Apps.
Even with the recent crash of Terra and the bankruptcies of other hedge funds and cryptocurrency exchanges like FTX, the cryptocurrency market has proven that there is a community eager to invest in it no matter how much Fear, Uncertainty, and Doubt (FUD) has been spreading about it lately.
In a note to clients at the beginning of the year, Kenneth Worthington, an equity research analyst at JPMorgan, said that major investors and companies will begin to enter the digital currency markets and industry. JPMorgan’s latest branding shows that the bank is playing a big role in this adoption.