New York, October 29, 2024 – JPMorgan Chase has filed a trademark application for a new crypto-focused platform called JPMD, indicating a strategic move into digital assets. The platform will offer services including trading, exchange, transfer, and payment services for digital assets, as well as the issuance of digital assets. This development reflects the growing interest of traditional financial institutions in the crypto space.
The trademark application was filed on Sunday to the U.S. Trademark and Patent Office. JPMorgan's decision aligns with the trend of traditional financial institutions exploring stablecoin issuance, crypto investment products, and asset tokenization. JPMorgan's CEO, Jamie Dimon, who has previously criticized cryptocurrencies, stated last month that the bank would allow its clients to buy Bitcoin.
JPMorgan already operates a private blockchain payments network, Kynexis, which processes over $2 billion in daily transaction volume. This existing infrastructure likely supports the bank's expansion into the crypto market. The move suggests a significant shift in the bank's approach to digital assets, despite past reservations.