It’s been the same old story since the dawn of crypto.
The problems of dualism in finance always spot on major banks and cryptocurrencies and how traditional finance institutions hate digital assets. Jamie Dimon, JP Morgan CEO, and chairman made it clear previously that he was not a fan of bitcoin.
While Dimon has a point, and his stance toward the global’s largest digital currency stays unchanged, his empire itself keeps getting ahead of the crypto game.
JP Morgan Wants In
According to a filing update from the U.S. Patent and Trademark Office (USPTO), JP Morgan’s trademark registration for a crypto wallet was officially approved on November 15.
Registered in July 2020, the freshly trademarked wallet, called “J.P. Morgan Wallet,” aims to facilitate the exchange and transfer of digital assets. According to the notice of registration, the bank could offer more than only crypto services.
Mike Kondoudis, USPTO licensed trademark attorney, noted a broad range of different offerings such as virtual currency transfer and exchange, crypto payment processing, virtual checking accounts, and financial services like bill payments.
Umar Farooq, CEO of Onyx, the first blockchain platform powered by JP Morgan, stated that JP Morgan could be the world’s first bank to offer tokenized wallets based on a public blockchain.
The CEO went on to say:
“Using public blockchain, we had to spend a lot of time thinking through identity. We did lots of audits of smart contracts because again – they were publicly visible. And finally, it was using a protocol to actually make it all happen. It’s a lot of managing the risks. All of these were firsts for us.”
Institutional Adoption On The Rise
The relationship between major banks and cryptocurrency failed at the beginning.
A whole load of stinging criticism from well-known figures in the financial world targeted cryptocurrency’s potentially damaging effects, some of which were made by the US’s largest bank. “Terrible” store of value, “worthless,” there were a lot of serious concerns surrounding the innovations.
Now the table has turned and leading banks started expressing particular interest in cryptocurrency. The news broke out amid the hectic time when people are losing sight of crypto following the downfall of the FTX exchange.
The painful experiment provokes doubts about the future of the digital asset industry. But interestingly, JP Morgan is amongst those who still have confidence in cryptocurrency.
The leap of faith was already taken earlier. In 2020, JPMorgan announced that the bank was offering services to cryptocurrency exchanges Coinbase and Gemini.
It has been revealed that JPMorgan tested the underlying blockchain technology that Bitcoin uses. The bank is now operating a payment network based on blockchain technology that is known as the Interbank Information Network.
This network enables member institutions to communicate with one another regarding matters pertaining to international payments.
JPMorgan Chase is expanding its usage of blockchain technology to help the payment system in the banking industry function more smoothly. In addition, the company is inviting the world of financial technology to investigate how to improve this platform.
Deutsche Bank, the Royal Bank of Canada, and Australia and New Zealand Banking Corporation (ANZ), amongst other notable financial institutions, are just some of the financial institutions that are currently utilizing the network.
Additionally, JPMorgan manages a digital token that is similar to a stablecoin and is known as the JPM coin. This currency enables fast payment transfers across institutional accounts.
As one of the first banks to establish locations in the virtual realm, this financial institution is also receptive to the concept of the Metaverse.
The bank may not 100% support all innovations but it apparently doesn’t miss a chance to keep up with the latest trends in the industry, as long as there are demands.
JPMorgan Chase is making efforts to expand its knowledge of blockchain technology and cryptocurrency infrastructure.
According to Christine Moy, who serves as the worldwide head of Onyx, the company is presently concentrating on delivering infrastructure to customers, including game producers. This infrastructure includes blockchain and payment technology.
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Author: Nicholas Say