JP Morgan, the biggest bank in America according to market cap, plans to enter the crypto space by registering a trademark for cryptocurrency wallets.
Mike Kondoudis, the famous trademark attorney, tweeted that the JP Morgan wallet is now a registered trademark for cryptocurrency transfers and related services. The United States Patent and Trademark Office granted the application on Nov. 15.
JP Morgan CEO is one of the most prominent critics of crypto.
Jamie Dimon, the CEO of JP Morgan, has bashed Bitcoin and cryptocurrencies on various occasions. According to a Forbes article, The JPMorgan Chase & Co. chief executive officer said in congressional testimony:
I’m a major skeptic on crypto tokens, which you call currency, like Bitcoin…They are decentralized Ponzi schemes.Jamie Dimon
He has often called Bitcoin worthless, a fraud, a terrible store of value, fool’s gold, etc. Most recently, Daniel Pinto, the President of JP Morgan, called crypto irrelevant.
The adoption continues despite the bear market.
Bitcoin is more than 75% down from its all-time high in Nov. 2021; however, cryptocurrency adoption continues. Not just JP Morgan but banks all over the world are providing cryptocurrency or related services. America’s oldest bank – BNY Mellon, announced to provide crypto custody services.
Union Bank of the Philippines, the largest bank in the country, has its own peso-pegged stablecoin. Earlier this month, it announced it would provide crypto trading services. One of the largest banks in Japan – Nomura, will provide facilities for institutional clients to trade cryptocurrencies by early 2023. Most recently, Man Group, the world’s largest publicly listed hedge fund, is reported to develop cryptocurrency trading services. The hedge fund has over $97 billion in assets under management.
Outside the headlines, the adoption is visible on-chain as well. According to data from IntoTheBlock, the total Bitcoin addresses with balance (green line) have been on a steady rise since its inception. There are around 43 million Bitcoin wallets with balance.
Check out our recent article that analysis whether the growing adoption is a sign that the bottom is near here.
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