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JPMorgan’s ‘historic’ crypto move revealed in aftermath of FTX crash that wiped $2.2 trillion from Bitcoin, Ethereum and Crypto price

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Ethereum and cryptocurrencies suffered an almighty crash this year, which led US President Joe Biden to call for new ‘critical’ crypto rules.

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The price of bitcoin, down about 70% since hitting an all-time high about a year ago, has crashed below $17,000 per bitcoin Although Elon Musk Has Released a Surprise Crypto Price Prediction. The price of ethereum and other major cryptocurrencies saw similar declines, wiping out around $2.2 trillion of the crypto’s combined market capitalization which had soared to $3 trillion by the end of the month. last year –exacerbated by shock exchange collapse.

Now Wall Street giant JPMorgan, after making a big bet on crypto earlier this monthregistered a trademark for a digital wallet and associated cryptocurrency processing services, described as a “landmark move”.

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JP Morgan, whose CEO notoriously trashed bitcoin, ethereum and other cryptocurrenciesofficially registered and patented a digital asset that could be used for bitcoin and crypto holdings as well as transfers and payments, according to a document filed with the United States Patent and Trademark Office (USPTO).

The patent, originally filed in July 2020, was spotted by trademark attorney Michael Kondoudis who job to Twitter that the patent approval meant that JPMorgan would now be able to provide “virtual currency transfer and exchange” and “encrypted payment processing”.

However, the brand does not apply exclusively to crypto and can also be applied to traditional digital financial services.

“While the stability of the crypto ecosystem remains in question, JPMorgan continues to make progress toward integrating crypto products,” Marcus Sotiriou, an analyst at digital asset broker GlobalBlock, wrote in an emailed comment. describing the decision as “historic”.

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MORE FORBESJoe Biden leads ‘critical’ call for game-changing global bitcoin and crypto rules after Shock FTX collapse

Earlier this month, before JPMorgan analysts release devastating bitcoin price forecastthe bank completed its first-ever cross-border transaction using blockchain-based decentralized finance (DeFi) in what has been called “a massive step” for the crypto space.

JPMorgan’s continued interest in bitcoin, ethereum and cryptocurrencies stands in stark contrast to Chief Executive Jamie Dimon’s view, who repeatedly called bitcoin and crypto “a fraud” and “a Ponzi scheme” in recent years.

In 2020, JPMorgan launched its US dollar-pegged stablecoin JPM Coin, designed to make cross-border payments faster and cheaper, alongside its Onyx blockchain platform.

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