According to (CoinDesk) reports, JPMorgan Chase has submitted a trademark application for a new crypto asset platform named JPMD, indicating that the bank is further expanding its business in the digital asset space.
According to application documents submitted to the U.S. Patent and Trademark Office, JPMD will provide services such as 'trading, exchange, transfer, and payment of digital assets', and will also involve the issuance of digital assets.
Alex Thorn, head of research at digital asset investment firm Galaxy Digital, speculates that JPMD stands for 'JPM Digital', covering JPMorgan Chase's upcoming overall digital asset business, not what many believe to be 'JPM Dollar', although stablecoins may be a part of it.
Source: Alex Thorn
This move comes as traditional financial institutions gradually explore issuing stablecoins, launching crypto investment products, and tokenizing assets. Jamie Dimon, CEO of JPMorgan Chase, who has long criticized cryptocurrencies, stated last month that the company will allow its clients to purchase Bitcoin. Reports indicate that the bank will also begin allowing its wealth management clients to use Bitcoin ETFs as collateral for loans.
JPMorgan Chase is currently operating a private blockchain payment network called Kinexys (formerly known as Onyx), designed to simplify the flow of funds for enterprises, financial institutions, and fintech companies, improve asset settlement times, unlock liquidity, and create new revenue opportunities. The platform currently processes over $2 billion in transactions daily.
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