JP Morgan, one of the largest banks in the US, filed a patent application for a Bitcoin alternative in August of 2013.
That patent application has been soundly denied.
In fact, JP Morgan’s “Web Cash” patent has been repeatedly rejected by the patent office.
Web Cash?
JP Morgan’s plan was for a platform which would process payments without having to give account details.
Web Cash would have a digital wallet in which you kept funds, an “Internet Pay Anyone” account which could send funds without revealing your banking information, and a Virtual Private Lockbox in which you could hold your funds securely. It would also have a public ledger of transactions completed.
Sound familiar?
This shows that the company is highly interested in becoming more involved in the digital currency sphere, but rather than contributing to its growth and prospering alongside the space like most other companies, they seem to prefer co-opting it for their own purposes.
Regardless, it’s obvious that credit and debit cards were never meant to be used online. And while the current banking system has done a decent job of shoehorning them in, it’s still cumbersome and unwieldy compared to many other online activities.
Cryptocurrency and its related technologies will only become more important in the future, and it only makes sense that the big banks will get involved. But rather than contributing to its growth and prospering alongside the space like most other companies, the banks will likely prefer co-opting it for their own purposes.
Is there any room for a bank-controlled virtual currency in the Bitcoin sphere? Would you ever use it? Tell us in the comments below!
JP Morgan's Attempt To Patent Cryptocurrency Is Denied
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