JPMorgan Eyes Cryptocurrency Market With New Wallet Trademark
A trademark filed by JP Morgan indicates the company is interested in exploring different products in the cryptocurrency space. In order to offer a cryptocurrency wallet, the institution has registered a trademark with the United States Patent and Trademark Office (USPTO) titled 'J.P. MORGAN WALLET.' The trademark was granted on November 15, 2018.
The banking giant wants to allow users to transfer virtual currencies electronically using a global computer network, create and manage virtual checking accounts as well as process cryptocurrency payments. JP Morgan is also developing sophisticated payment systems like connected mobility and blockchain platforms.
On the JPMorgan website, the bank describes the wallet as part of its e-commerce service for merchants. "Real-time virtual sub-ledgers that help manage and scale any number of customer, supplier and vendor payments in an organized, easy-to-reconcile way." the firm said.
In addition, the wallet connects via APIs for facilitating "domestic and cross-border receivables and disbursements." It is used globally to manage “highly scalable virtual accounts in real-time."?
In July 2020, JP Morgan filed for a trademark, and it'll be fascinating to see what happens to the JP Morgan Wallet in such volatile market conditions. The fall of FTX, one of the largest cryptocurrency exchanges, is a big reason for market volatility.
JP Morgan Group began offering cryptocurrency fund through New York Digital Investment Group in August 2021. The move allowed the company to expand into the virtual currency market.
JP Morgan Wallet indicates that the cryptocurrencies market continues to grow, considering that one of the world's largest banks has taken interest in cryptocurrencies.
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