- JPMorgan has been doing an assignment on using its portfolio standing – mostly its huge institutional customers – to venture into the cryptocurrency market.
- It is implausible that crypto will end as JP Morgan has insider information and just filed for a trademark for a crypto wallet.
JPMorgan Chase & Co. has been granted a trademark for a digital assets wallet by the United States Patent and Trademarks Office (USPTO). The $392 billion financial institution has narrowed down to the cryptocurrency market, thus stamping the old saying ‘crypto is here to stay’. The United States bank received a trademark for J.P. MORGAN Wallet on November 15, 2022.
Among the services expected to be delivered through the J.P. MORGAN Wallet, including payment processing, exchange, and virtual checking accounts. The announcement comes when centralized institutions have tarnished their reputation through the FTX and Alameda fallout.
Moreover, nearly 1 million crypto traders called the FTX ecosystem home before the sudden collapse. As such, the crypto market is anticipated to drop as a significant portion of long-term holders continue offloading their crypto bags.
Nonetheless, 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.
J.P. MORGAN WALLET is now a registered trademark for:
▶️ Virtual currency transfer + exchange
▶️ Crypto payment processing
▶️ Virtual checking accounts
▶️ Financial services
— Mike Kondoudis (@KondoudisLaw) November 21, 2022
Notably, it is implausible that crypto will end as the big banking JPMorgan has insider 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 ATH late last year. However, most of it has been referred to as mere bubbles. Furthermore, the cryptocurrency industry has closely been associated with wash trading, particularly in derivatives and futures’ markets.
Nonetheless, the global economy has significantly morphed in 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 been doing an assignment on how to use its portfolio standing – mostly its huge institutional customers – to venture into the cryptocurrency market. Among the key markets that financial institutions are looking to enter the crypto industry via is the stablecoins industry.
As governments focus more on developing functional CBDCs, banks with deep liquidity are working on tokenising their fiat holdings on blockchains.
However, JPMorgan has accused most of the existing crypto projects of junk and likely to disappear. Umar Farooq, Chief Executive Officer of JPMorgan’s blockchain unit, recently noted that the junk crypto projects that will soon disappear are key for the industry’s maturity. Farooq said at the Monetary Authority of Singapore’s (MAS) Green Shoots seminar on Monday.
You need all of those things to mature so that you can actually do things with them. Right now, we’re just not there yet, most of the money that’s being used in Web3 today, in the current infrastructure, is for speculative investment,