JP Morgan, one of the largest US banks, has filed a trademark application for its crypto wallet. The company registered “JP Morgan Wallet” with the US patent and trademark office and patented “JP Morgan Wallet”. This important step could bring JP Morgan to offer crypto services to its customers.
Trademark attorney Mike Kondoudis, known for announcing the trademark applications of corporate companies, announced in his tweet that JP Morgan’s trademark applications include virtual money transfer + exchange, crypto payment processes, virtual demand accounts, and financial services.
In addition, the statements in the document include crypto payments via credit and debit cards. We see that traditional institutions, which have been keeping a distance from the crypto money market until now, are slowly starting to adopt this area.
If you remember, SWIFT announced that it had completed its tokenized asset pilot in October. This news was followed by a focus on the use of digital assets in legal financial institutions with the support of the Federal Reserve Bank of New York, SETL. In addition, Fidelity Bank and New York Bank Mellon are among the banks that offer crypto support to their customers.
On the other hand, it should be noted that the trademark approval comes 2 years after the application. According to the shared information, JPMorgan Chase filed its trademark application in July 2020. The application in question was approved on November 15, 2022.
While the collapse of Terra and FTX this year has also brought the crypto market down, individual investors may now prefer well-established institutions such as JP Morgan, which they can trust for their crypto investments.