JPMorgan 'historic' crypto move exposed in wake of FTX crash that wiped $2.2 trillion off Bitcoin, Ethereum and cryptocurrency

JPMorgan ‘historic’ crypto move exposed in wake of FTX crash that wiped $2.2 trillion off Bitcoin, Ethereum and cryptocurrency

Ethereum and cryptocurrency have suffered a great crash this year. This led to US President Joe Biden calling for “significant” new encryption rules..

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Bitcoin’s price is down about 70% since hitting an all-time high nearly a year ago, dropping below $17,000 per bitcoin. Even though Elon Musk released a surprising cryptocurrency price prediction. The price of Ethereum and other major cryptocurrencies saw similar declines, wiping out about $2.2 trillion from the cryptocurrency’s combined market capitalization that swelled to $3 trillion late last year.Exacerbated by the breakdown of the shock exchange.

Now, Wall Street giant JPMorgan, After making a big bet on crypto earlier this monthhas registered a trademark for a digital wallet and related cryptocurrency processing services — which it describes as a “historic step.”

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JPMorgan, whose CEO is famous for dumping Bitcoin, Ethereum, and other cryptocurrenciesofficially registered and patented a digital allet that can be used to hold bitcoins and cryptocurrencies 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, has been spotted by trademark attorney Michael Kondodis. Spread To Twitter, the approval of the patent means that JPMorgan will now be able to provide “virtual currency transfer and exchange” and “crypto payment processing.”

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

“While the stability of the cryptocurrency ecosystem remains in question, JPMorgan continues to take steps toward integrating crypto products,” Marcos Soterio, an analyst at digital asset broker GlobalBlock, wrote in an email comment calling the move “historic.”

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More from ForbesJoe Biden is leading a ‘decisive’ call to change the rules of the game, global Bitcoin and crypto rules after the Shock FTX collapse

earlier this month, Before JPMorgan analysts released devastating Bitcoin price predictionsthe bank completed its first-ever cross-border transaction using blockchain-based decentralized finance (DeFi) in The so-called “huge step” in the field of cryptocurrency.

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

In 2020, JPMorgan launched its US dollar-pegged stablecoin JPM Coin, designed to speed up and reduce costs for cross-border payments, along with its Onyx blockchain platform.

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