JP Morgan May Soon Launch Crypto Wallet to Meet Market Demands
JP Morgan has filed for a patent to dive deeper into the Web3 space. According to a recent patent application, the largest bank in the US is looking to launch a crypto wallet. The purpose of launching this wallet is to meet the needs of the markets, which, although slowly, continue to see the growth of the crypto sector together. JP Morgan’s plans to enter the digital asset industry come after the ongoing downturn in the crypto industry.
Michael Kondoudis, US Patent and Trademark Attorney shared details about JP Morgan’s crypto wallet on Twitter.
According to Kondoulis, JP Morgan is interested in raising its own crypto fund with the ability to transfer virtual money, an exchange, and a crypto payment processor.
A bank with more than 135,000 customers in more than 180 countries has, in recent times, taken a concrete step towards showing its support for the crypto sector.
Back in October 2020, the bank launched its JPM stablecoin as the first cryptocurrency backed by a central bank in the US.
In February, the Wall Street megabank hit the road by opening a resort called Onyx in the virtual world of Decentraland, making it the first major bank to go live.
JP Morgan was founded in the year 2000. After nearly 23 years in business, the lender is now looking to enter the new Web3 sector.
Back in September, the bank had posted a job listing for ‘Vice President of Payments Business Development’ to lead its technology team.
The candidate’s area of focus for this role was broadly defined as being closely related to exploring crypto, metaverse, and Web3 as fields.
In a report released earlier this year, JP Morgan predicted that the metaverse economy – or metanomics – will quickly grow to $1 trillion (roughly Rs. 79,55,450 crore) in annual revenue.
Meanwhile, more than 3,600 trademark applications around the fields of cryptocurrency, Web3, metaverse, and NFTs have been filed so far this year in the US as of August 31.