Top investment and banking firm JPMorgan Chase has filed for a cryptocurrency trademark “JPMD” for trading and payment services. The firm has recently began changing its tune on cryptocurrency, offering its bank clients access to purchasing Bitcoin. Now, JPMorgan is looking to secure the trademark to establish its own crypto trading service. Rumors are circulating that JPMD, or J.P. Morgan Dollar, a new USD-backed stablecoin, is under development.
JPMD looks to offer trading, exchange, transferring and payment services for digital assets. The banking institution also recently announced it will begin accepting Bitcoin and other crypto-based ETFs as collateral for loans. The arrival of a JPMorgan stablecoin, however, would be a huge step towards cryptocurrency for the previously anti-crypto firm.
JPMorgan CEO Jamie Dimon has long been a skeptic regarding the potential of Bitcoin and other cryptocurrencies. Yet, the firm has continued to engage with and integrate the asset class into its offerings over the last year. The move is rather surprising considering JPMorgan CEO Jamie Dimon’s stance on the asset. In January of this year he called Bitcoin a “Ponzi scheme” with no value. Since then, it has set a new $111,000 all-time high and become vitally integrated into the bank’s operations. Further, this shows that the bank will begin viewing cryptocurrencies in the same way as stocks or various similar assets.
JPMorgan’s JMPD crypto trading service would also include electronic fund transfers, securities brokerage, real-time token trading, custody services, and secure online financial transactions. The trademark filing was made Monday and is awaiting approval.
