JPMorgan Chase & Co. (JPM:US) has no plans to introduce a competing product to Bitcoin, the digital money created as an alternative to currencies controlled by nations and banks, according to a person familiar with the matter.
JPMorgan, the biggest U.S. bank by assets (JPM:US), doesn’t have anything in development nor does it plan to produce virtual currencies to compete with Bitcoin, said the person, who asked not to be identified because the New York-based company’s strategy isn’t public. The Financial Times reported earlier today that the lender filed a U.S. patent application for a system that, like Bitcoin, allows users to make electronic payments anonymously and without fees.
The application is a renewal for intellectual property claims originally filed in 1999 covering “a method and system for conducting financial transactions over a payment network,” according to a document on the U.S. Patent & Trademark Office’s website. It was never intended to be a competitor to Bitcoin, the person said.
Jessica Francisco, a JPMorgan spokeswoman, declined to comment on the patent application.
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