According to CoinDesk, JPMorgan Chase has submitted a trademark application for a new cryptocurrency asset platform named JPMD, indicating that the bank is further expanding its business in the digital asset space.
According to the application documents submitted to the U.S. Patent and Trademark Office, JPMD will provide services such as “trading, exchange, transfer, and payment of digital assets,” and will also involve the issuance of digital assets.
Alex Thorn, head of research at digital asset investment firm Galaxy Digital, speculated that JPMD stands for “JPM Digital,” encompassing JPMorgan Chase’s upcoming overall digital asset business, rather than the “JPM Dollar” that many believe it to be, although stablecoins could also be part of it.
Source: Alex Thorn
This move comes as traditional financial institutions gradually explore issuing stablecoins, launching cryptocurrency investment products, and asset tokenization. Long-time critic of cryptocurrencies, JPMorgan CEO Jamie Dimon, stated last month that the company would allow its clients to purchase Bitcoin. Reports indicate that the bank will also begin allowing its wealth management clients to use Bitcoin ETFs as collateral for loans.
JPMorgan Chase is currently operating a private blockchain payment network named Kinexys (formerly known as Onyx), designed to help businesses, financial institutions, and fintech companies simplify cash flow, improve asset settlement times, unlock liquidity, and create new revenue opportunities. The platform currently processes over $2 billion in transactions daily.
