JPMorgan set to roll out new crypto platform following trademark filing
- JPMorgan Chase has filed a trademark for a digital asset platform named JPMD.
- The platform aims to provide a suite of crypto-related services, including trading, exchange, transfer and payment.
- The US Patent and Trademark Office has accepted JPMorgan's filing but has yet to approve it.
JPMorgan Chase plans to launch a crypto platform branded JPMD, expected to offer trading, exchange, transfer and payments for digital assets, according to a trademark filing submitted to the United States (US) Patent and Trademark Office (PTO) on Sunday.
JPMorgan files trademark to focus on crypto trading and payments
JPMorgan Chase has submitted a trademark application for a new crypto-centric platform named JPMD, according to a filing submitted to the US Patent and Trademark Office on Sunday.
JPMD is expected to offer a range of crypto-related services, including trading, exchange, transfer, payment and the issuance of digital assets. The filing also indicates that the platform may support brokerage services and electronic fund transfers.
The PTO's website revealed that the application has been formally accepted but is still awaiting an assignment to an examiner for further review.
A trademark filing is the process of applying to register a unique name, logo, or phrase, granting the applicant exclusive rights to use it in connection with specific goods or services.
The move builds on JPMorgan's recent efforts to offer crypto-related services to its customers. The bank's blockchain arm, Kinexys Digital Payments, alongside Ondo Finance and Chainlink, completed the second batch of a cross-chain Delivery versus Payment (DvP) settlement test last week.
Although Kinexys had been functioning as a permissioned blockchain network, the move marked its second transaction involving a public blockchain after a test transaction with the same stakeholders in May.
JPMorgan is also reportedly planning to accept crypto ETFs as collateral for loans, starting with BlackRock's iShares Bitcoin Trust (IBIT). Furthermore, the company, alongside other US banks, including Bank of America, Citigroup, and Wells Fargo, is reportedly planning to launch a joint stablecoin following progress on the GENIUS stablecoin bill, which is set for a final passage vote in the US Senate on Tuesday.
The efforts were reportedly aimed at competing with crypto-native issuers by leveraging regulatory compliance and the trust associated with traditional financial institutions.
Author
Michael Ebiekutan
FXStreet
With a deep passion for web3 technology, he's collaborated with industry-leading brands like Mara, ITAK, and FXStreet in delivering groundbreaking reports on web3's transformative potential across diverse sectors. In addition to
