Last Updated: 23 November 2022
JPMorgan has filed a trademark for a new wallet for digital assets. This is according to a recent filing with the United States Trademark and Patents Office (USTPO).
The name is J.P. Morgan Wallet and it is supposed to facilitate the exchange of various crypto currencies such as bitcoin, in addition to normal payments via dollars.
The description includes the following:
This is not the first time the banking giant has been in the news. The Wall Street bank is also involved in a blockchain pilot with Singapore’s DBS Bank and Japan’s SBI Digital Asset Holdings. The service that examines bitcoin and related technologies for usability is called Onyx within JPMorgan.
Recently, a former director of bankrupt Celsius joined the bank. As recently as February this year, analysts at the bank predicted a $150,000 exchange rate for bitcoin, something that has by no means materialised in 2022. Indeed, the price is at its lowest point in the past two years.
JPMorgan Chase accounted for $121 billion in revenue and a net profit of $48 billion in 2021. About 255,000 people work at this bank.
Bitcoin’s “fair value” is around 12% below the current price, based on its volatility in comparison with gold, according to JPMorgan https://t.co/8b468bmFfz
— Bloomberg (@business) February 9, 2022