JPMorgan, one of the largest banks in the United States, is making moves in the crypto market. It officially announced its cryptocurrency wallet's trademark on November 21, 2022. Although the United States Patent and Trademark Office (USPTO) approved it on November 15, the approval was made public this past Monday, November 21.
According to the filing, JP Morgan had been pursuing this for two years. They registered it back in July 2020 and just received its approval. The document states that the name of the new digital wallet is "JPMorgan Crypto Wallet." As simple as that.
The wallet will provide many different services, according to USPTO licensed trademark attorney Mike Kondoudis. Kondousis showed in a tweet it would work like a traditional crypto wallet. You can make transfers, process payments, exchange virtual currencies, and more.
However, JPMorgan's ambitions are even greater, and the filing proves it. The filing points out that the bank is preparing many crypto wallet services for different online communities. This includes different cryptocurrencies available in multiple languages. This function would allow users to transact with other users globally seamlessly.
But the banking giant's plans go much further. They intend to facilitate the creation of a series of services for users ranging from account creation to risk management.
JPMorgan has been one of the first traditional banks to approach crypto, despite CEO Jamie Dimon's misgivings and opposition to cryptocurrencies.
As difficult as this year has been for cryptos, this announcement opens the door for more banks to decide to adopt cryptos.
