Banking giant JPMorgan has gradually thawed out when it comes to cryptocurrencies. Proof of this is once again with a trademark filing that indicates a cryptocurrency wallet could be on the way.
Would JPMorgan build a cryptocurrency wallet?
Trademark expert Mike Kondoudis reported the news on Twitter. JPMorgan has filed a trademark for the “J. P. Morgan Wallet”, which would be a digital wallet:
J.P. MORGAN WALLET is now a registered trademark for:
▶️ Virtual currency transfer + exchange
▶️ Crypto payment processing
▶️ Virtual checking accounts
▶️ Financial servicesThe USPTO granted the JPMORGAN application on Nov 15NFTs Metaverse Crypto Web3 NFT Finance pic. twitter.com/Qg2wSeqtFf
– Mike Kondoudis (@KondoudisLaw) November 21, 2022
The filing explicitly states that JPMorgan’s wallet will allow for the exchange of digital assets, as well as payments in cryptocurrencies. It will also offer more “traditional” finance services, such as a current account or the use of payment cards.
JPMorgan is understood to have applied for this trademark in July 2020, if the document is to be believed. Contrary to what some publications are saying, this is not a recent initiative by the banking giant.
Especially since the market is currently experiencing turbulence perhaps unprecedented in its scale, with a large deficit of confidence in cryptocurrency services. It is therefore safe to assume that JPMorgan would not necessarily have chosen this moment to make an announcement in this sense.
JPMorgan confident in the future of cryptocurrencies
JPMorgan is both bullish and bearish on the future of cryptocurrencies – or at least the future of their prices. A year ago, the banking giant’s analysts were looking at $146,000 for Bitcoin (BTC) over the long term. But in recent weeks, as panic has swept through the markets, the $13,000 mark is being considered in the short term…
So this filing cannot be taken as concrete evidence that JPMorgan will offer a cryptocurrency wallet. It is likely that the banking giant wanted to cover future needs at the time. So we’ll wait and see if this will lead to a real initiative.
