JPMorgan Chase Bank (N.A.) has submitted a trademark application for “JPMD” to the United States Patent and Trademark Office. This move indicates that the bank may potentially expand in the fields of blockchain and crypto services.
This application covers a wide range of crypto-related services, including digital asset trading, exchange, transfer, clearing and payment processing, as well as electronic fund transfer, real-time coin trading, custody services and secure online financial transactions.
Although the term “stablecoin” was not mentioned in the application, it has been reported that jpmorgan Chase and other major banks such as Bank of America and Wells Fargo are considering jointly launching a stablecoin. Industry commentators speculate that the “JPMD” trademark may be related to the stablecoin business, which covers a wide range of services. This implies that jpmorgan Chase may be exploring more blockchain-based financial services, including launching stablecoins.
Previously, jpmorgan Chase’s Kynexis platform (formerly Onyx) has processed more than 1.5 trillion US dollars of blockchain inter-bank payments using the private stablecoin JPM Coin, which is pegged 1:1 to the US dollar, the British pound or the euro. In addition, jpmorgan Chase has decided to accept spot Bitcoin exchange-traded funds as loan collateral and include digital asset holdings when calculating clients’ net assets. These moves, along with the application for the “JPMD” trademark, all indicate that the largest bank in the United States is becoming increasingly open to cryptocurrencies.
Jamie Dimon, the CEO of jpmorgan Chase, has long been critical of cryptocurrencies such as Bitcoin, but he has also always believed that blockchain can provide valuable uses for financial institutions. With increasingly clear regulations and rising institutional demands, jpmorgan Chase’s latest move highlights that the competition among Wall Street giants to capture market share in the evolving digital finance ecosystem is accelerating.
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