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JPMorgan’s ‘Historic’ Crypto Move Revealed in Aftermath of FTX Crash Wiped $2.2 Trillion from Bitcoin, Ethereum and Crypto Value

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Bitcoin BTC, Ethereum and cryptocurrencies have all suffered heavy losses this year as US President Joe Biden called for “significant” new crypto regulation.

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Despite Elon Musk issuing a surprising crypto price prediction, the price of bitcoin has fallen below $17,000 per bitcoin, a drop of almost 70% since hitting its highest level almost a year ago. The price of Ethereum and other major cryptocurrencies have seen similar declines, wiping out nearly $2.2 trillion from a combined crypto market cap that reached $3 trillion late last year – a shock compounded by the stock market’s collapse. used to be.

Now, after making a big bet on crypto earlier this month, Wall Street giant JPMorgan has registered a trademark for a digital wallet and related cryptocurrency processing services – in what has been described as a “historic move”. Is.

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More From Forbes’ ‘Dot-Com Era’ On Steroids – Here’s How The $2.2 Trillion Bitcoin And Crypto FTX Price Crash Could Be Achieved By Billy Bambrough

JPMorgan, one of Wall Street’s largest banks, has a mixed relationship with bitcoin, ethereum, and… [+] Cryptocurrencies.

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JPMorgan, whose CEO was famous for destroying bitcoin, ethereum and other cryptocurrencies, has officially registered and patented a digital wallet that can be used to store bitcoin and bitcoin, according to a document filed with the US Patent and Trademark Office. Crypto can also be used for transfers and payments. Office (USPTO).

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Patent, originally filed July 2020, noticed by trademark attorney Michael Kondoudis Deployment of That patent approval to Twitter means that JPMorgan will now be able to provide “virtual currency transfer and exchange” and “crypto payment processing”.

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

“While the stability of the crypto ecosystem remains questionable, JPMorgan is making progress toward integration of crypto products,” Marcus Sotirou, an analyst at digital asset broker GlobalBlock, wrote in an emailed comment.

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More From Forbes Joe Biden Leads ‘Critical’ Call for Groundbreaking Global Bitcoin and Crypto Regulations After Shock FTX Collapse by Billy Bambrough

Bitcoin’s price is down more than 70% since around this time last year, dragging the price down… [+] Ethereum and other major cryptocurrencies.

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Earlier this month, just before JP Morgan analysts released a devastating price forecast for bitcoin, the bank launched its first cross-currency transaction using blockchain-based decentralized finance (DeFi), which it called “a huge step forward” for the crypto space. Border transaction completed.

JPMorgan’s continued interest in bitcoin, ethereum and cryptocurrencies stands in stark contrast to the view of chief executive officer Jamie Dimon, who has repeatedly labeled bitcoin and crypto as “fraud” and “a Ponzi scheme” in recent years.

In 2020, JP Morgan launched its JPM Coin, a US dollar-pegged stablecoin designed to streamline and lower the cost of cross-border payments alongside its blockchain platform Onyx.

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