JPMorgan Chase is granted the Wallet brand covering various virtual currency and encrypted payment services

The U.S. Patent and Trademark Office (USPTO) has granted JPMorgan Chase Bank a trademark registration for “J.P. Morgan Wallet“for use in a wide range of financial services, including virtual currency transfers and exchanges, as well as crypto payment services.

JPMorgan Chase Bank’s Wallet Brand

JPMorgan Chase Bank has successfully registered a wallet mark with the U.S. Patent and Trademark Office (USPTO). Mike Kondoudis, a trademark attorney licensed by the USPTO, tweeted at Monday that “J.P. Morgan Portfolio” is now a registered trademark.

JPMorgan Chase Bank N.A. is listed as the owner of the mark. The USPTO granted the bank’s trademark registration on November 15; the application date was July 24, 2020.

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The services listed for the J.P. Morgan Wallet mark include the “electronic transfer of virtual currencies“, “the financial exchange of virtual currencies“and the “processing of payments in crypto-currencies“, the USPTO website states.

JPMorgan explains what J.P. Morgan Wallet is and how it works

JPMorgan’s website provides more information on the J.P. Morgan Walletwhich is part of the bank’s e-commerce service for merchants. The company describes the wallet as follows:

Real-time virtual subsidiary ledgers that allow any number of customer, supplier and vendor payments to be managed and scheduled in an organized and easily reconcilable manner.

The website adds that the wallet connects “via APIs to help simplify domestic and cross-border receivables and disbursements“, noting that it is used “worldwide for managing highly scalable virtual accounts in real time“.

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The banking giant further explained that it “is developing sophisticated payment solutions like connected mobility solutions and blockchain platforms that can help you tell the world more.“The firm’s blockchain-based ecosystem is called Onyx by J.P. Morgan.

Onyx has its own coin system that allows “instant transfer and clearing of multi-bank, multi-currency assets on an authorized distributed ledger“, JPMorgan detailed, adding that its inaugural product solution is JPM Coin. The company described JPM Coin as “an authorized system that serves as a payment rail and deposit account ledger that allows participating J.P. Morgan customers to transfer U.S. dollars held on deposit with J.P. Morgan within the system“.

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