On the 21st of November, U.S. Patent and Trademark Attorney, Michael Kondoudis, announced that JP Morgan & Chase Co, United States largest bank— and one of the largest financial companies in the world, registered a patent to venture into Web3 with a digital crypto wallet.
According to Kondoudis, the U.S. Patent and Trademark Office (USPTO) approved the application by JP Morgan & Chase Co.on November 15.
The wallet will render services like virtual currency transfer and exchange, crypto payment processing, virtual checking accounts, and financial services.
JP Morgan’s CEO is not a Bitcoin fan, so why have a crypto wallet?
Since 2017, JP Morgan’s CEO has maintained a negative stance towards Bitcoin and cryptocurrencies, calling them “fraud” and investments “worse than tulip bulbs.”
He made his stance obvious that he said he would fire any JP Morgan trader dealing with cryptocurrencies.
However, the bank’s board may be interested in crypto now;
in early 2021, JP Morgan co-president, Daniel Pinto, disclosed that the apex bank was willing to get involved with Bitcoin and cryptocurrencies if demand continues to rise.
Anyways, since 2021 was the green year for Bitcoin in terms of price —having an ATH of $69,000 by the year ending—the followed crash was enough for any skeptical person to call Bitcoin a “fraud.”
Despite all the negative news and events surrounding the crypto ecosystem lately, even the recent collapse of Terra and the bankruptcy of multiple hedge funds and cryptocurrency exchanges like FTX, Bitcoin community has remained relentless, showing that FUD can’t create a change of heart at the moment.