- JP Morgan Chase filed a trademark for “JPMD” with the U.S. Patent and Trademark Office, covering crypto related services.
- The trademark covers digital asset trading, exchange, and payment processing, hinting at a major expansion in blockchain and cryptocurrency operations.
- Speculation surrounds JP Morgan’s plans for a stablecoin, fueled by the “JPMD” filing.
- Despite CEO Jamie Dimon’s Bitcoin skepticism, JP Morgan’s Kinexy platform has processed over $1.5 trillion in blockchain payments using JPM Coin.
JP Morgan Chase has filed a new trademark application for “JPMD” in the United States signaling expansion in blockchain technology and crypto operations.
The filing submitted to the U.S. Patent and Trademark Office, outlines a range of crypto related services including digital asset trading, exchange, transfer, clearing, and payment processing.
Industry observers have also speculated that JP Morgan’s stablecoin may be on the way.
Stablecoin Launch Could Be on the Horizon
Although the application doesn’t explicitly mention stablecoins, the wide scope of listed services indicate the bank may be preparing to carry out more financial operations on blockchain infrastructure.
A recent report by The Wall Street Journal indicates that JP Morgan, along with other major banks like Bank of America and Wells Fargo, is exploring the launch of a joint stablecoin project.
Both these coming together around the same time frame has fuelled speculation that the trademark application and the stablecoin initiative may be connected.
According to the WSJ, the proposed stablecoin could compete directly with existing crypto native issuers to facilitate domestic and cross-border payments for large financial institutions.
JPMorgan’s Continued Push Into Blockchain
Despite CEO Jamie Dimon’s well documented skepticism toward Bitcoin, JPMorgan has actively pursued blockchain innovation.
Its Kinexy platform (formerly known as Onyx) has already facilitated over $1.5 trillion in blockchain-based interbank payments using JPM Coin, a private stablecoin backed 1:1 by the U.S. dollar, British pound, or euro.