Banking Giant JPMorgan Files Trademark for New Crypto Wallet With Ability to Exchange and Transfer Virtual Currencies

Financial services industry titan JPMorgan has filed a trademark for a new digital assets wallet.

In a recent filing with the United States Trademark and Patents Office (USTPO), JPMorganfileda trademark for a product called J.P. Morgan Wallet.

According to the required trademark statement of use document, the J.P. Morgan Wallet’s identified purpose is to facilitate digital currency exchange.

“Financial services, namely, providing electronic transfer of virtual currencies; providing electronic transfer of virtual currencies for use by members of an online community via a global computer network; financial exchange of virtual currencies; cryptocurrency payment processing; credit and cash card payment processing services; charge card and credit card payment processing services…”

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

JP Morgan has been monitoring the cryptocurrency space for years. Earlier this month, JP Morgan conductedsome of the first blockchain-based transactions in the banking industry in a pilot program with DBS Bank and SBI Digital Asset Holdings.

Said Umar Farooq, chief executive officer of JPMorgans blockchain unit Onyx, at the time,

“It was the first time we had tokenized deposits. I actually think its the first time any bank in the world has tokenized wallets on a public blockchain.

Using public blockchain, we had to spend a lot of time thinking through identity. We did lots of audits of smart contracts because again they were publicly visible. And finally, it was using a protocol to actually make it all happen. Its a lot of managing the risks. All of these were firsts for us.

One month ago, JP Morganannouncedthey were exploring the possibility of a blockchain-based wallet.

“Web3 demands a new way for us to interact with digital assets, protect our identities and access the Web3 economy. Onyx by J.P. Morgan is on the forefront of exploring a future that enables us to seamlessly traverse digital realms in a trusted way. This future calls for the ability to store, view and share your digital assets that are bound to your digital identity, all in one place.”

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This article was originally reported on The Daily Hodl.