A Crypto Wallet For JPMorgan? Yes, America’s Biggest Bank Doesn’t Really Hate Crypto

A crypto wallet for JPMorgan can be a little surprising, considering the banking giant has never really been very affectionate about crypto.

Topping the list of the largest banks and bank holding companies by market cap, JPMorgan is taking a different stance and now joins the growing number of people and financial institutions adopting crypto wallet.

It can be recalled that back in May of this year, Jamie Dimon, the CEO of the financial institution with an overall valuation of $390.26 billion, surprised everyone when he said Bitcoin has “significant upside.”

Dimon’s statement came as a shock to a lot of people as he was known to be skeptic about cryptocurrencies and the effects they have on the current financial system.

Just last August, it was revealed that JPMorgan quietly moved to give its wealth management clients access to a total of six crypto funds with the program that was implemented as early as July.

Recently, in November 2, the American banking leader successfully executed its first ever decentralized finance (DeFi) trade that was facilitated on the Polygon blockchain network.

It turns out the banking juggernaut is not yet done flexing its muscle in this burgeoning crypto wallet industry.

Image: Forage

JPMorgan Wants Its Own Crypto Wallet

On November 15, the United States Patent and Trademark Office (USPTO) granted the bank’s request for trademark for J.P. MORGAN WALLET which will ultimately enable it to offer cryptocurrency wallet for digital currency transfer and exchange.

Michael Kondoudis, a licensed metaverse trademark and NFT lawyer, confirmed the news through his Twitter account on November 21.

He said the registered crypto wallet trademark for digital assets such as Bitcoin will also enable crypto payment processing and virtual checking accounts.

It will also encompass other related financial services such as counterparty funds and electronic transfer management.

JPMorgan’s decision to have its own crypto wallet comes in addition to its efforts in exploring ways to incorporate blockchain technology to its services in order to provide safe exposure to crypto assets for its clients.

More TradFi-Related Companies Exploring Crypto 

Just last month, global financial services leader Visa detailed its plans for cryptocurrency transactions management and the creation of a virtual environment for user interaction through its two crypto-related trademark applications with the USPTO.

American Express, on the other hand, partnered with crypto wealth manager Abra back in June to launch its first crypto product that enabled its users to be rewarded with digital currencies for any purchase that they make.

With JPMorgan Chase taking its crypto adoption measures one step higher, it won’t be a surprise if other traditional global finance-related companies follow suit.

The crypto space, however, might need to hold its breath for a while as the ongoing bear market could easily become a deal-breaker for any plans these institutions may already have.

MATIC total market cap at $762 billion on the daily chart | Featured image from Business Mirror, Chart: TradingView.com

Related Posts

Bitcoin ‘millionaire’ wallets drop 80% in year of BTC price bear market

Twelve months after Bitcoin’s last all-time high, seven-figure BTC balances have taken a hit. Bitcoin (BTC) millionaires are becoming an increasingly rare breed as numbers fall 80%…

Despite 2 Entities Holding 73% of the FTX Token Supply, FTT Price Still Holds Above $1 per Unit

While a large fraction of crypto assets dropped a great deal in value during the past few weeks and bitcoin is down 18.2% in 30 days, the…

Dogecoin, Solana, XRP Lead Post-Thanksgiving Gains as Bearish Sentiment Wanes

DOGE is up by a double-digit, while XRP has gained by 7% in the last seven days. The overall crypto market valuation is up as tokens recover…

Top 5 Most Expensive BAYC NFTs Ever Sold

The NFT landscape has become a flourishing ecosystem enabling creators to embark remarkable NFTs to marketplaces worldwide. One such creator is Yuga Labs, the brain behind the Bored…

Russia President Putin Calls For Blockchain-based International Payment System

Russian President Vladimir Putin said there is a need for a new and independent international settlement system amidst the sanctions and restrictions placed on his country. President…

Putin calls for blockchain-based international payment system

The Russian President criticized Western’s sanctions and urged for a system “independent of external interference”. Russian President Vladimir Putin criticized monopoly in global financial payment systems and…

Generated by Feedzy