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- JP Morgan made a historical move by introducing a crypto wallet.
- JP Morgan has been at the forefront of exploring the usage of blockchain technology within financial services.
The investment in the cryptocurrencies can range from buying the digital asset currencies directly to investing in crypto funds and companies. The interested one can buy cryptocurrencies from crypto exchanges or may be from certain broker-dealers.
Here are some of the best known cryptocurrency investors like Elon Musk, Michael Saylor, Winklevoss, Michael Novogratz, who actively do crypto investments.
Crypto investor, Digital Currency Group or DCG borrowed around $575 Million from its broker Genesis. It is now seeking funds to avoid collapse in an accelerating situation across the industry.
According to the U.S. Securities filings, DCG spent around $772 Million since March 2021 on open market purchases of Units of the Grayscale Bitcoin Trust (GBTC.)
For the crypto ecosystem and investors, this year does not look favorable. Crypto ecosystem witnessed hard-times in crypto. Thus the level of trust has noted the decrease for groups that are custodians of digital assets. Ever after all the happenings, JPMorgan Chase saw an opportunity.
JP Morgan Crypto Wallet
After facing the harsh market condition, Crypto market seems like it is in the recovery phase. That may be following the continuation of a reduction rally (a period of continuous increase in the prices of stocks, indexes or bonds,) within the S&P 500.
JP Morgan has made a historical move by introducing New Crypto Wallet. The U.S. Patent and Trademark Office on November 15, 2022, approved a trademark for “J.P. Morgan Wallet.” JP Morgan is the largest U.S. bank and now expanding into crypto custody solutions. The trademark registration, published on Monday, came following a July 2020 filing by JPMorgan Chase.
According to the JPMorgan’s web page, JPMorgan details how its wallet relies on “real-time virtual sub-ledgers,” possibly referencing the type of ledger technology that underpins Bitcoin and other blockchain-based decentralized digital assets.
Marcus Sotitiou, an analyst at digital asset broker GlobalBlock said “Whilst the stability of the crypto ecosystem remains in question, JPMorgan continues to make moves toward integrating crypto products.”
JP Morgan frameworks the wallet around “scalable e-commerce solutions.” It includes paying counterparties across multiple payment types with more than 120 currencies in more than 170 countries anytime.
And additionally DBS, Singapore’s largest financial institution, carried out an intraday repo commerce on JP Morgan’s Onyx (JP Morgan’s personal blockchain ecosystem). Usually, repo trades take two days to settle, still by utilizing blockchain expertise these transactions can settle in just some hours.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
