“I personally think that bitcoin is worthless,” Jamie Dimon, chief executive officer of JPMorgan Chase, said in 2022, reiterating a past remark.
JP Morgan gets crypto wallet trade mark
But the banking giant will offer its clients exposure to bitcoin, said Dimon, speaking briefly at the annual Institute of International Finance event.
“Our clients are adults. They disagree. That’s what makes markets,” Dimon said. “So, if they want to have access to buy yourself bitcoin, we can’t custody it, but we could give them legitimate, as clean as possible, access.”
Fast forward a year and JPMorgan’s application for a trademark for a digital crypto wallet with crypto features has been awarded by the U.S. Patent Office after more than two years in application status.
According to a filing with the U.S. Patent and Trademark Office, the bank filed a trademark for “JP Morgan Wallet” in July 2020; the filing was finally approved on November 15 2022.
The text of the trademark indicates that it can be applied to online services, including cryptocurrency payment processing, the electronic transfer of virtual currencies by an online community, and the exchange of virtual currencies.
The trademark does not exclusively apply to crypto services. It can also be applied to other financial services, including virtual checking accounts, Automated Clearing House (ACH) payments, e-check processing, and bill payments.
Currently, JP Morgan appears to be using the brand for a service that provides business subledgers.
Though JP Morgan has not yet applied the trademark to a full-fledged crypto wallet, it has made several inroads into the blockchain industry over the past several months.
On November 2, the company performed an international currency swap using the Polygon blockchain. It performed that transaction with two Singapore-based banks, DBS Bank and SBI Digital Asset Holdings.
Additionally, JP Morgan partnered with Visa, that partnership aimed to integrate JP Morgans’s blockchain product Liink with Visa’s B2B Connect network.
The bank continues to operate various cryptocurrency-related product lines, including its blockchain network Onyx and its private stablecoin, JPM Coin.
Those developments put the bank in a strong position to expand its crypto services under its new wallet brand.
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