In this line, the institution has registered a trademark with the United States Patent and Trademark Office (USPTO) for ‘J.P. MORGAN WALLET,’ seeking to offer a crypto wallet for digital currency exchange and transfer. The trademark was granted by USPTO on November 15.
According to Kondoudis, the wallet trademark for assets like Bitcoin (BTC) also covers crypto payment processing, virtual checking accounts, and other financial services, including the management of counterparty funds for electronic transfer.
JPMorgan blockchain inroads
It is worth noting that the bank has, in the past, continued to explore blockchain technology and how to incorporate it into its services. Recently, the lender, alongside two other banks, planned to participate in a project from the Monetary Authority of Singapore seeking to pilot use cases of digital assets and decentralized finance (DeFi).
At the same time, JPMorgan has increasingly focused on monitoring developments in the metaverse space as the bank seeks to upgrade and modernize its business operation. Part of the development has seen the bank acquire California payment startup firm Renovite Technologies aiming to hasten the delivery of its cloud payment offerings.
Overall, the number of traditional finance firms warming up to the crypto space has increased in recent months despite the prevailing bear market. For instance, payment giant Visa (NYSE: V) filed for a crypto wallet trademark in October alongside a patent to turn physical fiat currency into a digitized version.