JP Morgan Makes Historic Move With New Crypto Wallet – Blockchain News, Opinion, TV & Jobs

By Marcus Soterio, analyst A publicly listed digital asset broker GlobalBlock (TSXV: Block).

Bitcoin and crypto markets recovered for a while on Wednesday following a rally in the S&P 500. As investors lost faith in opaque exchanges and trading platforms, 137,000 Bitcoins were removed from exchanges in the past 30 days.

Retail investors are piling in quickly as the supply of bitcoin held by on-chain entities increases, ranging between 0.1-1 BTC.

Despite the stability of the crypto ecosystem being called into question, JP Morgan continues to invest in crypto products. JP Morgan has registered the JP Morgan Wallet with the United States Patent and Trademark Office (USPTO).

The terms used to describe the services enabled by this registration are “electronic transfer of virtual currencies”, “virtual currency exchange” and “cryptocurrency payment processing” as seen on the USPTO website.

JP Morgan describes the wallet as:

“Real-time virtual sub-ledgers that help you manage and measure any customer, supplier and vendor payments in an organized, easy-to-reconcile manner.”

With this wallet implementation, JP Morgan wants to “help simplify domestic and cross-border receipts and payments” and also “develop complex payment solutions such as connected mobility solutions and blockchain platforms that help speak more to the world.”

In addition, Singapore’s largest bank DBS completed intraday trading on JP Morgan’s Onyx (JP Morgan’s own blockchain ecosystem). Usually, repo transactions take a couple of days to settle, but with the use of blockchain technology, these transactions can be settled in a matter of hours.

This proves blockchain technology’s potential to disrupt the $4 trillion repo market and transform the financial services industry.

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