The largest bank in the United States (US), JPMorgan Chase & Co. which applied for patent registration to engage in Web3 by creating a digital crypto wallet has been approved by the US Patent and Trademark Attorney, Michael Kondoudis.
The steps to create the crypto wallet are aimed at offering services such as virtual currency transfers and transactions, crypto payment processing, virtual account checking and financial services.
In fact, the bank will also continue to develop its services through cryptocurrency in order to be able to coordinate its transactions.
Among JPMorgan's recent major efforts are completing cross-border transactions using Polygon, which is the Ethereum (ETH) network's Layer-2 scalability solution and launching the first crypto supported by a US bank, the JPM Coin stablecoin.
In addition to that, the bank has also launched a blockchain platform led by the first bank in the world, Onyx to develop products, platforms or marketplaces.
Earlier since 2017, the Chief Executive Officer (CEO) of JPMorgan not only thought that crypto was a fraud but also threatened to fire JPMorgan traders if they did any business related to the digital asset.
However, his stance changed after the bank's board stated its plans for crypto in early 2021 and witnessed firsthand how digital assets including Bitcoin (BTC) continued to grow even though the market was in a bearish state.
In the meantime, BTC is said to have shown a strong performance and position despite some issues such as the collapse of Terra or the FTX crisis that has rocked the crypto market.
