JPMorgan’s ‘Historic’ Crypto Move Revealed in Aftermath of FTX Crash That Wiped $2.2 Trillion from Bitcoin, Ethereum and Crypto Price
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Bitcoin price, down about 70% since hitting an all-time high about a year ago, has crashed below $17,000 per bitcoin despite Elon Musk making a surprise crypto price prediction. The Ethereum price and other major cryptocurrencies have seen similar falls, erasing about $2.2 trillion from the combined crypto market cap that had surged to $3 trillion late last year — exacerbated by a shock stock market collapse.
Now, after betting big on crypto earlier this month, Wall Street giant JPMorgan has registered a trademark for a digital wallet and related cryptocurrency processing services – described as a “historic move”.
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JPMorgan, whose CEO has dumped bitcoin, ethereum and other cryptocurrencies, has officially registered and patented a digital wallet that can be used to hold bitcoin and crypto as well as transfers and payments, according to a document filed with the US Patent and Trademark Office (USPTO).
The patent, originally filed in July 2020, was discovered by trademark attorney Michael Kondoudis who posted to Twitter that the patent approval meant JPMorgan would now be able to offer “virtual currency transfer and exchange” and “crypto payment processing.”
However, the trademark does not apply exclusively to crypto and can also be used on traditional, digital financial services.
“While the stability of the crypto ecosystem remains in doubt, JPMorgan continues to make moves toward integrating crypto products,” Marcus Sotiriou, an analyst at digital asset broker GlobalBlock, wrote in an emailed comment, describing the move as “historic.”
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Earlier this month, before JPMorgan analysts issued a devastating bitcoin price prediction, the bank completed its first ever cross-border transaction using blockchain-based decentralized finance (DeFi) in what has been called “a massive step” for the crypto space.
JPMorgan’s ongoing interest in bitcoin, ethereum and cryptocurrencies stands in stark contrast to the opinion of CEO Jamie Dimon, who has repeatedly labeled bitcoin and crypto “a scam” and “a Ponzi scheme” in recent years.
In 2020, JPMorgan launched its JPM Coin US dollar-pegged stablecoin, designed to increase the speed and reduce the cost of cross-border payments, together with its blockchain platform Onyx.