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The United States Patent and Trademark Office (USPTO) has granted a trademark registration to JPMorgan Chase’s “JP Morgan Wallet” for use in a variety of financial services, including virtual currency transfers and exchanges, as well as electronic payment services.
JPMorgan Chase’s Wallet Brand
JPMorgan Chase Bank has successfully registered the wallet trademark with the United States Patent and Trademark Office (USPTO). Mike Kondoudis, a USPTO-licensed trademark attorney, tweeted on Monday that “JP Morgan Wallet” is now a registered trademark.
JPMorgan Chase Bank NA is listed as the trademark owner. USPTO granted the bank a trademark registration on November 15; The application date is July 24, 2020.
The services listed for the JP Morgan Wallet brand include “cryptocurrency transfers,” “virtual currency financial exchanges,” and “crypto payment processing,” the USPTO website says.
How JP Morgan wallet works
JPMorgan’s website provides more information about the JP Morgan Wallet, which is part of the bank’s e-commerce service for merchants. The company described the wallet as:
A real-time virtual sub-ledger that helps manage and scale any number of customer, vendor, and vendor payments in an organized, easy-to-collate way.
The website adds that the wallet connects “through an API to help simplify domestic and cross-border receivables and disbursements,” noting that it is used “globally to manage accounts.” virtual highly scalable in real time”.
Banking giant JPMorgan further explained that it is “developing sophisticated payment solutions such as connected mobile solutions and blockchain platforms that can help you speak more to the world.” The blockchain-based ecosystem is called Onyx by JP Morgan.
Onyx enables “instant transfers and clearing of multi-currency, multi-bank assets on a permissioned distributed ledger,” JPMorgan detailed, adding that the first product solution Theirs is JPM Coin. The company described JPM Coin as “a permissioned system that acts as a payment rail and deposit account ledger that allows participating JP Morgan customers to transfer US dollars held in deposit with JP Morgan in the system.”
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