J.P. Morgan has officially registered a cryptocurrency trademark, according to a document that was retrieved from an application that the USPTO granted. The brand, which will support the transfer of virtual currency, the exchange of virtual currency, and the processing of cryptocurrency payments, is aptly named “JP Morgan Wallet.”
The most significant financial institution in the United States has entered the cryptocurrency market for the first time. JP Morgan plans to provide its customer base with Bitcoin exchange services through the recently established trademark. Additionally, the filing was approved on November 15th of this year.
Mike Koundoudis was the first person to report the initial document. His tweet stated that JP Morgan Wallet had registered for “Virtual Currency Transfer + exchange, crypto payment processing, virtual checking accounts, and financial services.”
A more accurate depiction of the official contributions became visible beneath the official document. The registration provides JP Morgan Wallet with the authority to render services relating to the transfer of cryptocurrencies on a blockchain, the exchange of cryptocurrencies, the processing of payments made with credit or debit cards, and the establishment and administration of checking accounts that are managed virtually.
The application for the trademark was reportedly submitted by JP Morgan in July of 2020, as stated by The Crypto Basic. In addition, it will be fascinating to watch how the J.P. Morgan Wallet develops in the midst of a market that is possibly the most volatile it has ever been. As a direct result of this, the volatility has increased after the destruction of FTX, which was one of the largest exchange platforms in the cryptocurrency markets.
JP Morgan began enabling its customers to invest in cryptocurrency funds beginning in August 2021. This was a service that was made available by New York Digital Investment Group, a company that specializes in cryptocurrency investments. After that, subsequent to the move, it continued its expansion into the market for virtual currency.
The launch of the J.P. Morgan Wallet and its ongoing development are, at the very least, reassuring signs that the market is on the path to further expansion. In the end, one of the most prominent financial institutions in the United States, measured by total assets, has decided to adopt the currency.
Marine Corps Veteran-turned-national-tv-personality Eric Mitchell is a world leading expert in sports media, regularly appearing on the world’s largest outlets from BBC, MSNBC, Fox News, Bloomberg, CNN and more. His signature blend of snark and industry expertise landed him columns at none other than RollingStone, GritDaily, PopWrapped, Disrupt — and most recently — Editor in Chief at NFT Today Magazine. When he’s not making media appearances or running his empire at LifeFlip Media, he can be found entertaining his thousands of loyal followers on social media through his authentic filter-free content.