JP Morgan has now extended its reach to a new sphere where it can offer services related to cryptocurrency transfer and payment processing, among many others. On November 15, 2022, the USPTO accepted the application, granting the bank a trademark for its wallet service. The trademark has been registered under JP Morgan Wallet.
Here are the services that fall under JP Morgan Wallet:-
- Processing payment in cryptocurrency
- Checking & creation of virtual accounts
- Transfer & exchange of virtual currency
- Financial services
Mike Kondoudis, a USPTO Trademark attorney, announced the news. JP Morgan had originally filed the application in July 2020.
Although this is a recent occurrence, JP Morgan has been working in the cryptocurrency space since 2021. The bank has allowed its customers to invest in cryptocurrency funds through New York Digital Investment Group.
Amid the extreme volatility of the cryptocurrency market, all eyes are now on JP Morgan’s wallet service. The FTX crisis has diminished client confidence in crypto ventures, resulting in a minor drop in the industry. Volatility has, therefore, become a major concern not just for traders but also for all crypto platforms.
JP Morgan’s entry into the cryptocurrency market is a positive indicator of expansion. However, it will be interesting to see how it handles the current wave of uncertainty, where the withdrawal of cash from FTX has come under the microscope.
Moreover, the support from its long-time Chief Executive Officer, Jamie Dimon, is not as positive as one would expect it to be. He has been skeptical about Bitcoin and other cryptos for a while now. He was reportedly heard quoting a personal opinion in which he believes that Bitcoin is worthless.
Again in September 2022, Jamie Dimon called cryptocurrency a decentralized Ponzi scheme. He did share a positive outlook on stablecoins, provided they are regulated by authorities.
JP Morgan’s venture into wallet services has gained attention from all over the world. The bank’s CEO is criticizing the digital currency because it is moving on to something that the community calls innovative.
Nevertheless, JP Morgan Wallet has been added to the list of cryptocurrency wallets that has players like Exodus, MyCelium, and ZenGo, among many others.
Cryptocurrency wallets are essential parts of the digital economy. They help traders store their holdings to later leverage them for the purpose of trading. The launch of crypto wallets has been termed the next step in the evolution of the crypto market, serving the primary function of storing cryptocurrencies.
A cryptocurrency wallet can be chosen based on how secure it is and the length to which its utilities extend in the real world.
JP Morgan is one of the largest banks in the United States of America in terms of total assets. Securing a trademark for its wallet services shows the extent to which it has embraced digital currency.