Big names in traditional finance have recently thrown their weight behind the crypto industry. The most recent example is Jamie Dimon, CEO of JP Morgan Chase Bank, the largest bank in the United States, registering his new crypto wallet venture as a trademark in the United States. This development was announced by U.S. patent and trademark attorney Michael Kondoudis on November 21, 2022.
Kondoudis claims that on November 15, the U.S. Patent and Trademark Office (USPTO) approved JP Morgan Chase & Co.’s application. The wallet will provide financial services such as virtual checking accounts, cryptocurrency payment processing, and transfer and exchange services.
The prominent bank continues to invest in cryptocurrency-related products despite its controversial stance against Bitcoin and cryptocurrencies in general. The bank accomplished its first cross-border transaction using Polygon, a Layer 2 scalability solution for the Ethereum network, marking a “big step” for them.
The bank demonstrated its support for crypto innovation by announcing the launch of its JPM Coin stablecoin in late October 2020. The JPM Coin was the first cryptocurrency supported by a U.S. bank and used to send international payments. The same day, Onyx, the first blockchain platform in the world to be led by a bank, was unveiled with the goal of developing cutting-edge marketplaces and platforms.
The “JP Morgan Wallet” trademark registration indicates that the new digital wallet will be used to process cryptocurrency payments. Nonetheless, it did not specify which cryptocurrencies it would be processing.
A few years ago, Dimon, the JP Morgan Chase CEO, was one of the most vocal critics of Bitcoin and other cryptocurrencies. He was well-known for several controversial comments on the emerging blockchain-crypto industry, calling it a “fraud.”
The bank’s board, however, has other ideas or plans for cryptocurrencies. In early 2021, co-president of JP Morgan, Daniel Pinto, stated that the bank was open to investing in Bitcoin and cryptocurrencies if demand increased, which it has been doing despite the crypto market’s downward trend.
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