JPMorgan has registered a patent for a cryptocurrency wallet

Representatives of the financial company JPMorgan & Chase Co have filed an application with the U.S. Patent and Trademark Office (USPTO) to register a trademark for the launch of a cryptocurrency wallet. JPMorgan’s application was announced on Twitter by Trademark Commissioner Mike Kondoudis.

The largest US bank holding company decided to develop in the crypto sphere to meet the needs of its customers and encourage new users. It is interesting that JPMorgan CEO Jamie Dimon has a negative attitude towards digital assets, he has repeatedly called investments in cryptocurrencies risky. However, according to Daimon, if there is a demand for cryptocurrencies among customers, they should be provided with the necessary products, regardless of their own opinions on this issue.

JPMorgan’s trademark includes authorization to process cryptocurrency payments, virtual payments, and financial services. Judging by the bank’s application, the new digital wallet will be used to make crypto payments, however, it is not yet known which cryptocurrencies will be involved.

Following the news of the FTX exchange’s bankruptcy, JPMorgan analysts suggested that bitcoin’s decline would continue. A team of financial experts led by strategist Nikolaos Panigirtzoglou emphasized that investors in the cryptocurrency market have only begun to realize «the seriousness of the situation» and that events continue to develop «too rapidly.»

Analysts have called the current crisis «another stage in the reduction of margin positions» — it could lead to an even greater drop in the main cryptocurrency. At the same time, Panigirtzoglou and his team consider the cost of break-even mining of BTC to be the bottom price of bitcoin.