JP Morgan Explores Launch of Crypto Wallet to Meet Market Needs, Patent Filing Hints

JP Morgan has filed for a patent to dive deeper into the Web3 space. As per its most recent patent filing, the largest bank in the US is looking to launch a crypto wallet. The intention behind launching this wallet is to meet the needs of the markets, which, though gradually, is continuing to witness the growth of the crypto sector all together. JP Morgan's plans to plunge into the digital assets industry comes in the backdrop of the ongoing slump in the crypto industry.

Michael Kondoudis, a US Patent and Trademark Attorney shared details about JP Morgan's crypto wallet patent on Twitter.

As per Kondoulis, JP Morgan is interested in bulking its crypto wallet with capabilities of virtual currency transfer, exchange, and a crypto payment processor.

The bank with more than 135,000 clients in over 180 countries has, in recent times, taken a concrete stance in terms of showing its support towards the crypto sector.

Back in October 2020, the bank launched its own JPM stablecoin as the first ever cryptocurrency backed by a centralised bank in the US.

In February, the Wall Street megabank entered the metaverse by inaugurating a lounge named Onyx in the virtual world Decentraland, making it the first major bank to step into the metaverse.

JP Morgan was set up back in the year 2000. Almost 23 years into business, the lender is now looking to dabble in the new-age Web3 sphere.

Back in September, the bank had posted a job listing for a ‘Vice President for Payments Business Development' to lead its technology team.

The focus area for the appointee to this role was detailed to have a lot to do with exploring crypto, metaverse, and Web3 as sectors.

In a report released earlier this year, JP Morgan predicted that the economics of the metaverse – or metanomics – will soon swell up to $1 trillion (roughly Rs. 79,55,450 crore) in annual revenue.

Meanwhile, over 3,600 trademark applications around the sectors of cryptocurrency, Web3, metaverse, and NFTs have been filed so far this year in the US as of August 31.