JP Morgan has filed a cryptocurrency trademark for a digital wallet and other cryptocurrency-related services, sparking speculation that the banking giant could be planning to launch its own crypto product. The news comes as JP Morgan CEO Jamie Dimon continues to publicly criticize bitcoin and other cryptocurrencies. Some industry observers believe that JP Morgan’s move is an attempt to get in on the burgeoning cryptocurrency market, while others see it as a sign that the bank is preparing for a downturn in the market. Whatever the case may be, this development is sure to generate plenty of buzz in the crypto community.
According to Mike Kondoudis, the US Patent and Trademark Office (USPTO) approved JP Morgan & Chase Co.’s application on November 15. Virtual currency transfer and exchange, crypto payment processing, virtual checking accounts, and financial services will all be available through the wallet.
Past Involvement of JP Morgan
Though JP Morgan has yet to apply the trademark to a full-fledged crypto wallet, it has made several inroads into the blockchain industry in recent months. On November 2, the company used the Polygon blockchain to conduct an international currency swap. That transaction was completed with two Singapore-based banks, DBS Bank and SBI Digital Asset Holdings. JP Morgan also partnered with Visa on October 11. The goal of this collaboration was to integrate JP Morgan’s blockchain product Link with Visa’s B2B Connect network.
JP Morgan also completed an on-chain transaction involving the settlement of BlackRock assets this year, launched an area in the blockchain-based virtual world Decentraland, and remarked on Ethereum’s recent merger. The banking mammoth maintains a number of cryptocurrency-related product offerings, including its blockchain network Onyx and its private stablecoin, JPM Coin.
What’s in it for Crypto Community
All in all, this is a good sign for the future of cryptocurrency. One of the largest banks in America is now fully supporting the digital currency, which shows that there is a lot of potential for growth in this industry. It will be interesting to see how other banks respond to JP Morgan’s move and what implications it has for the future of both banking and cryptocurrency.