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JPMorgan Filed Trademark for New Crypto Wallet

It’s been just revealed that the financial services giant JPMorgan filed for a trademark for a new digital crypto wallet. Check out the latest details about this below.

JPMorgan files trademark for new crypto wallet

According to the latest reports, in a recent filing with the United States Trademark and Patents Office (USTPO), JPMorgan filed a trademark for a product called J.P. Morgan Wallet.

According to the required trademark statement of use document, the J.P. Morgan Wallet’s identified purpose is to facilitate digital currency exchange.

“Financial services, namely, providing electronic transfer of virtual currencies; providing electronic transfer of virtual currencies for use by members of an online community via a global computer network; financial exchange of virtual currencies; cryptocurrency payment processing; credit and cash card payment processing services; charge card and credit card payment processing services…”

According to USPTO, the trademark was officially registered on November 15, 2022.

Umar Farooq, chief executive officer of JPMorgan’s blockchain unit Onyx, at the time, said the following:

“It was the first time we had tokenized deposits. I actually think it’s the first time any bank in the world has tokenized wallets on a public blockchain.”

He continued and said this:

“Using public blockchain, we had to spend a lot of time thinking through identity. We did lots of audits of smart contracts because again – they were publicly visible. And finally, it was using a protocol actually to make it all happen. It’s a lot of managing the risks. All of these were firsts for us.”

This will push crypto out of the bear trend

Crypto veteran Jesse Powell is weighing in on the state of the industry following the collapse of FTX, giving a prediction for what will propel the space out of its bear market.

In a new interview on the Bankless podcast, Powell said with billions of dollars now gone and a reputation to repair, the industry will need time to recover from the FTX debacle.

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