Banking giant JPMorgan trademarks a new crypto wallet with the capability to exchange and transfer virtual income

JPMorgan, the money solutions giant, has trademarked a new digital asset wallet.

In a latest filing with the United States Patent and Trademark Office (USTPO), JPMorgan filed a trademark application for a products termed the JP Morgan Wallet.

According to the demanded trademark use statement document, the defined objective of the JP Morgan Wallet is to facilitate the exchange of digital currencies.

“Financial services, namely the provision of electronic money transfer services with virtual currencies; provide electronic virtual money transfers for use by members of the online community through a global computer network; virtual currency financial exchange; electronic payment processing; credit and debit card payment processing services; payment processing services for debit and credit cards…”

According to the USPTO, the trademark was officially registered on November 15, 2022.

JP Morgan has been eyeing the crypto area for many years. Earlier this month, JP Morgan executed some of the banking industry’s very first blockchain-based mostly transactions in a pilot plan with DBS Bank and SBI Digital Asset Holdings.

Umar Farooq, then the CEO of JPMorgan’s blockchain unit, Onyx, stated:

“This is the very first time we have encrypted deposits. I genuinely assume this is the very first time a financial institution in the planet has a crypto wallet on a public blockchain.

Using the public blockchain, we had to invest a whole lot of time pondering about identity. We’ve carried out a whole lot of clever contract audits, due to the fact once more, they are publicly noticeable. And in the finish, it made use of a protocol to make it all take place. That’s a whole lot of danger management. These are all firsts for us.

A month in the past, JP Morgan announced that it was exploring the likelihood of a blockchain-based mostly wallet.

“Web3 required a new way for us to interact with digital assets, protect our identities, and access the Web3 economy. JP Morgan’s Onyx is at the forefront of exploring a future that allows us to seamlessly navigate digital realms in a familiar way. This future requires the ability to store, view, and share all the digital assets tied to your digital identity in one place.”

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