JP Morgan intends to offer Bitcoin exchange services under its recently-approved trademark, “JP Morgan Wallet.”
The United States Patent and Trademark Office (USPTO) has just registered the trademark “JP Morgan Wallet” with the nation’s largest bank by total assets, JPMorgan Chase, to deliver bitcoin and cryptocurrency exchange services and related products and services to the general public.
The USPTO accepted JP’s trademark application
Morgan on November 15, a document from well-known trademark lawyer Mike Kondoudis shows. Kondoudis tweeted about what had happened.
“J.P. MORGAN WALLET is now a registered trademark for: Virtual currency transfer + exchange, Crypto payment processing, Virtual checking accounts, Financial services, The USPTO granted the JPMORGAN application on Nov 15,” Kondoudis revealed in a tweet Monday.
J.P. MORGAN WALLET is now a registered trademark for:
— Mike Kondoudis (@KondoudisLaw) November 21, 2022
Virtual currency transfer + exchange
Crypto payment processing
Virtual checking accounts
Financial services
The USPTO granted the #JPMORGAN application on Nov 15#NFTs #Metaverse #Crypto #Web3 #NFT #Finance pic.twitter.com/Qg2wSeqtFf
The document discloses that JPMorgan will provide crypto-focused services related to digital asset exchange and payment processing under the brand. These services include:
Providing services for blockchain-based coin transfers. Providers of cryptocurrency exchange services. The payment processing services for cryptocurrencies include the processing of crypto payments using credit and debit cards. Handling foreign exchange settlements in numerous currencies across several borders to process cross-border payments. Providing services for the setup and administration of virtual checking accounts.
As the Internet transforms the world into a global village, the urge to make cross-border payments increases. Cryptocurrencies provide a streamlined and efficient method for making these payments. Several leading organizations, such as JPMorgan, are attempting to capitalize on this, as evidenced by the launch of its J.P. Morgan Wallet initiative.
Based to information from the legal website Justia, JPMorgan submitted the trademark registration with serial number 90071872 in July 2020.
Despite its CEO Jamie Dimon’s negative opinion of bitcoin and the broader cryptocurrency market, JPMorgan has not been as adverse to the asset class. Finally, its desire to have direct exposure to cryptocurrencies is not shocking.
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