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.
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
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Author: Christian Encila