The patent for the name of the service specifies such functions as the exchange of virtual currencies, as well as international and cryptocurrency payments.
JPMorgan Chase has registered the JP Morgan Wallet trademark for a crypto wallet, Blockworks reports on Twitter. The American Patent Office registered the name on November 15th.
JP Morgan's crypto wallet is now officially a registered trademark in the US pic.twitter.com/hYSL1wkl4L
— Blockworks (@Blockworks_) November 21, 2022
The patent lists the functions of the wallet, such as: transfer and exchange of virtual currency, making cryptocurrency and international payments, providing various financial services related to virtual currencies, the ability to create and verify accounts for virtual payments.
The possibility of making payments using credit and debit cards and the provision of an Internet portal for financial transactions, available in various languages, are also indicated.
JPMorgan analysts monitor the cryptocurrency market and regularly make forecasts for the leading coins. So, last week, the bank’s strategists said they expect the Bitcoin price to fall to $13,000.
The price of bitcoin may drop to $13,000 due to a period of turmoil that the crypto market will face in the coming weeks, analysts at JPMorgan Chase & Co say, Bloomberg reports . According to the bank’s specialists, the industry’s problems will be directly related to the reduction in the share of borrowed funds as a result of the FTX crisis.
A “cascade of margin calls” is likely coming into the market, given the interplay between the FTX platform, its associated company Alameda Research, and the rest of the crypto ecosystem, said the bank’s strategist team led by Nikolaos Panigirtzoglou. What makes this situation especially problematic, analysts say, is that the number of institutions in the cryptosphere with strong balance sheets that can save those with low capital and high leverage is declining.
Speaking about the possible decline in the price of bitcoin to $13,000, strategists pointed to the cost of production of the first cryptocurrency as a way to estimate how much it could fall. According to them, now this figure is $15,000, but it is likely to return to a summer low of $13,000.
