Key Insights
- JP Morgan has officially registered and secured approval for its new trademark.
- The trademark is dubbed “JP Morgan Wallet.”
- It will enable the bank to process crypto transactions and other crypto services.
JP Morgan, the New York-based multinational bank, has successfully registered and patented the “JP Morgan Wallet” at the United States Patent and Trademark Office (USPTO).
USPTO’s license trademark attorney, Mike Kondoudis, tweeted that the trademark is now registered and approved
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JPMorgan would now provide Virtual currency transfer and exchange. Similarly, the financial institution will now process crypto payments, Virtual checking accounts, and other crypto-related financial services.
Furthermore, it will also provide services relating to cryptocurrency transfers on the blockchain.
The services will also include cryptocurrency exchange services, cryptocurrency payment processing services, and crypto processing payments through credit and cash cards.
Mike Kondoudis said “JP Morgan Wallet” will process cross-border payments. The firm will handle foreign exchange settlements in different currencies across several borders.
JP Morgan’s Strides in Crypto Space
It is worth noting that JP Morgan keeps recording giant strides in the crypto ecosystem. The multinational financial institution operates various crypto-related products and services.
The company has its blockchain network called Onyx. It is a business unit under the bank that leverages blockchain technologies to transform banking services.
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The New York-based financial institution also launched Onyx Lounge in Decentraland. This stride makes JP Morgan the first US bank to delve into the metaverse.
The Onyx lounge will enable the bank to function and run its banking services virtually, just as it does in the physical world.
Naveen Mallela, the global head of coin systems at Onyx, said, “ We are looking to actively build an ecosystem that enables settlements 24/7— that is, settlement for both cryptocurrencies and tokenized securities, involving exchanges, brokers, and asset managers.”
Similarly, JP Morgan said it would combine its payments expertise with Siemens’ Internet of Things.
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It will use its factories with sensors to create pay-to-use systems, from maintaining supplies to dynamically adjusting cash requirements.
The blockchain platform will give treasurers more advanced tools, predictability, and the ability to transact with all manner of counterparties.
The financial institution also has a private Stablecoin called the JPM Coin. A report shows that JPM Coin now facilitates about $300 million of cross-border payments daily within the bank’s network.
Disclaimer: Voice of crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.
