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

Monetary services market titan JPMorgan has actually submitted a hallmark for a brand-new digital properties wallet.

In a current filing with the United States Hallmark and Patents Workplace (USTPO), JPMorgan submitted a hallmark for an item called J.P. Morgan Wallet.

According to the needed hallmark declaration of usage file, the J.P. Morgan Wallet’s recognized function is to help with digital currency exchange.

“Financial services, particularly, offering electronic transfer of virtual currencies; offering electronic transfer of virtual currencies for usage by members of an online neighborhood by means of an international computer system network; monetary exchange of virtual currencies; cryptocurrency payment processing; credit and money card payment processing services; credit card and charge card payment processing services …”

According to USPTO, the hallmark was formally signed up on November 15, 2022.

JP Morgan has actually been keeping track of the cryptocurrency area for many years. Previously this month, JP Morgan carried out a few of the very first blockchain-based deals in the banking market in a pilot program with DBS Bank and SBI Digital Possession Holdings.

Stated Umar Farooq, ceo of JPMorgan’s blockchain system Onyx, at the time,

“It was the very first time we had actually tokenized deposits. I in fact believe it’s the very first time any bank worldwide has actually tokenized wallets on a public blockchain.

Utilizing public blockchain, we needed to invest a great deal of time analyzing identity. We did great deals of audits of clever agreements due to the fact that once again– they were openly noticeable. And lastly, it was utilizing a procedure to in fact make it all occur. It’s a great deal of handling the threats. All of these were firsts for us.”

One month earlier, JP Morgan revealed they were checking out the possibility of a blockchain-based wallet.

“Web3 needs a brand-new method for us to connect with digital properties, secure our identities and gain access to the Web3 economy. Onyx by J.P. Morgan is on the leading edge of checking out a future that allows us to perfectly pass through digital worlds in a relied on method. This future require the capability to shop, view and share your digital properties that are bound to your digital identity, all in one location.”

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