JPMorgan files trademark for Bitcoin wallet
- JPMorgan has made a point of using its portfolio status—mostly its huge institutional clients—to venture into the cryptocurrency market.
- Crypto is unlikely to end as JP Morgan has inside information and has just filed for a trademark for a crypto wallet.
JPMorgan Chase & Co. has been granted a trademark for a digital asset wallet by the United States Patent and Trademarks Office (USPTO). The $392 billion financial institution has limited itself to the cryptocurrency market, thus stamping the old adage “crypto is here to stay”. The US bank received a trademark for JP MORGAN Wallet on November 15, 2022.
Among the services expected to be delivered through the JP MORGAN Wallet, including payment processing, exchange and virtual current accounts. The announcement comes as centralized institutions have tarnished their reputations through the fallout from FTX and Alameda.
Also, almost 1 million crypto traders called the FTX ecosystem home before the sudden collapse. As such, the crypto market is expected to fall as a significant portion of long-term holders continue to unload their crypto wallets.
Nevertheless, JPMorgan intends to raise the bar in the cryptocurrency market through its digital asset wallet. Furthermore, the bank has millions of customers’ accounts without direct access to the cryptocurrency market.
JP MORGAN WALLET is now a registered trademark for:
▶️ Virtual currency transfer + exchange
▶️ Crypto payment processing
▶️ Virtual current accounts
▶️ Financial services
— Mike Kondoudis (@KondoudisLaw) 21 November 2022
Notably, crypto is unlikely to end as major bank JPMorgan has inside information and just filed for a trademark for a crypto wallet
JPMorgan Stamps Crypto Assets Are Here to Stay!
The cryptocurrency market has lost over $2 trillion since hitting its ATH late last year. However, most of it has been referred to as just bubbles. Furthermore, the cryptocurrency industry has been closely linked to wash trading, especially in derivatives and futures markets.
Nevertheless, the global economy has changed significantly over the past decade to accommodate the unstoppable digital asset industry. Countries are changing their internal policies to fit the new world order through the blockchain and crypto economy.
As such, JPMorgan has made a case for how to use its portfolio status—mostly its huge institutional clients—to venture into the cryptocurrency market. Among the key markets through which financial institutions are looking to enter the crypto industry is the stablecoin industry.
As governments focus more on developing functional CBDCs, banks with deep liquidity are working to tokenize their fiat holdings on blockchains.
However, JPMorgan has accused most existing crypto projects of being junk and likely to disappear. Umar Farooq, CEO of JPMorgan’s blockchain unit, recently noted that the junk crypto projects that will soon disappear are key to the maturity of the industry. Farooq said at the Monetary Authority of Singapore’s (MAS) Green Shoots seminar on Monday.
You need all of these things to mature so that you can actually do things with them. Right now we’re just not there yet, most of the money spent in Web3 today, in the current infrastructure, is for speculative investments,