JPMorgan officially registers a cryptocurrency wallet trademark

[johnarb]

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https://finbold.com/jpmorgan-officially-registers-a-cryptocurrency-wallet-trademark/


JPMorgan officially registers a cryptocurrency wallet trademark


Paul L.
CRYPTOCURRENCYNov 21, 2022

American banking giant JPMorgan (NYSE: JPM) continues to advance in the cryptocurrency sector, with the lender showing its intent to explore different products through trademark filings.

In this line, the institution has registered a trademark with the United States Patent and Trademark Office (USPTO) for ‘J.P. MORGAN WALLET,’ seeking to offer a crypto wallet for digital currency exchange and transfer. The trademark was granted by USPTO on November 15.

The development was confirmed by non-fungible tokens (NFTs) and metaverse licensed trademark attorney Michael Kondoudis in a tweet on November 21.

JPMorgan crypto wallet trademark. Source: USPTO
According to Kondoudis, the wallet trademark for assets like Bitcoin (BTC) also covers crypto payment processing, virtual checking accounts, and other financial services, including the management of counterparty funds for electronic transfer.

JPMorgan blockchain inroads
It is worth noting that the bank has, in the past, continued to explore blockchain technology and how to incorporate it into its services. Recently, the lender, alongside two other banks, planned to participate in a project from the Monetary Authority of Singapore seeking to pilot use cases of digital assets and decentralized finance (DeFi).

At the same time, JPMorgan has increasingly focused on monitoring developments in the metaverse space as the bank seeks to upgrade and modernize its business operation. Part of the development has seen the bank acquire California payment startup firm Renovite Technologies aiming to hasten the delivery of its cloud payment offerings.

Overall, the number of traditional finance firms warming up to the crypto space has increased in recent months despite the prevailing bear market. For instance, payment giant Visa (NYSE: V) filed for a crypto wallet trademark in October alongside a patent to turn physical fiat currency into a digitized version.

Other firms to follow suit include American Express (NYSE: AXP) and the New York Stock Exchange as they seek to improve their business alongside reaching out to a new customer base.

 

[TrAndy2022]

Some studies about cryptocurrency wallets here.

https://ceur-ws.org/Vol-3132/Short_3.pdf

Alternative Method of Cryptocurrency Wallets Managing

Abstract
With the rise of cryptocurrencies in the market, the convenience and safety of using cryptocurrency wallets became a top priority for people. Although cold cryptocurrency wallets are safe to use, they cannot be compared with hot cryptocurrency wallets and telegram bots at their convenience. In this research paper, hot crypto-wallets and telegrams bots for making and receiving transactions of cryptocurrencies with the least amount of investments will be discussed. Also, the possible methods and their implementations will be considered.

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https://eprint.iacr.org/2021/715.pdf

Hours of Horus: Keyless Cryptocurrency Wallets

Abstract.
We put forth a keyless wallet, a cryptocurrency wallet where money can be spent using a password alone, and no private keys are required. It requires a smart contract blockchain. We propose a scheme in which the user uses an OTP authenticator seed to generate a long series of time-based OTP passwords for the foreseeable future. These are encrypted and organized in a Merkle tree whose root is stored in a smart contract. The user can spend funds at any time by simply visually providing the current OTP password from an air gapped device. These OTPs can be relatively short: Just 6 alphanumeric characters suffice. Our OTP scheme can work in proof-of-stake as well as static and variable difficulty proof-of-work blockchains. The low-entropy passwords and OTPs in our scheme are protected from brute force attacks by requiring that an adversary accompany any attempt by a transaction on the chain. This quickly incurs enormous economic costs for the adversary. Thus, we develop the first decentralized rate limiting scheme. We use Witness Encryption (WE) to construct a timelock encryption scheme in which passwords are encrypted from past into future blocks by leveraging the NP-language having proof-of-work or proof-of-stake performed as the witness. Witness Encryption is a currently impractical cryptographic primitive, but our scheme may become practical as these primitives are further developed.

 

[The_Krakenite]

The problem with the FIAT banks, a lot don't want to interact with DeFi as it's basically supporting your competitor. On the flip-side, if they don't integrate, they risk going dead-tech and broke.

It's a damned if you do, versus damned if you don't. The best hope is to reach some sort of parity...