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JPMorgan’s crypto wallet trademark is approved

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The United States Patent and Trademark Office (USPTO) has approved the trademark “JP Morgan Wallet”. This will allow the country’s largest bank to expand the crypto services it offers.

a USPTO applicationJ.P. Morgan Chase, through its digital wallet brand, will enable electronic transfers of cryptocurrencies, cryptocurrency payment processing, virtual checking accounts, payment settlements between parties, and more for use by members of its online community. It shows what we can provide.

This application covers areas well beyond cryptography. Areas include creating online virtual environments for payment processing, cloud computing software for myriad payment use cases, and processing Automated Clearing House (ACH) transactions and real-time debit payments.

More than two years after the bank submitted the wallet-related documents to the agency for approval, the go-ahead was given.

Advances in bank cryptocurrencies run counter to CEO thinking. Jamie Dimon called it Bitcoin in 2017.”scamIt said it would “immediately” fire any individuals at JPMorgan found to be trading in digital currencies.

“You can’t have a business where people invent currency out of nowhere and think the people buying it are really smart,” he said. Guardian.

“Eventually it will be closed,” Dimon said at a conference that year.

His resistance to cryptocurrencies continues. Testifying before the Senate Banking Committee in September, he called the crypto platform a “decentralized Ponzi scheme.” According to Bloomberg.

“The idea that it is good for everyone is unbelievable,” Dimon added, lumping cryptocurrencies and some nefarious behavior together. “Every year, $30 billion in ransomware [money laundering], sex trafficking, theft — dangerous. “

That hasn’t stopped banks from offering crypto services in some aspects. JP Morgan in 2020 Enhanced banking services To the cryptocurrency exchanges Coinbase and Gemini.

The bank also operates blockchain network Onyx and private stablecoin JPM Coin.

JP Morgan conducted an international currency swap on Polygon Blockchain with two Singaporean banks earlier this month. Last month, JPMorgan partnered with Visa in a move aimed at integrating Liink, JPMorgan’s blockchain product, with card companies’ business-to-business connectivity networks. And it’s worth noting that JP Morgan built a space in the blockchain-based virtual world Decentraland this year.

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