JP Morgan chase is now official as a trademark for crypto wallet (Morgan Wallet)

[tabas]

I don't know if many will be happy with this news because it's another centralized company that's stepping to the market. I remember the CEO of this company, Jamie Dimon, that has said too many negative things about bitcoin IIRC, that was around on 2018. And then afterwards, he changed his heart and said good things about it and it tends out that he's been investing already to the crypto market. Here are some short details about what this Morgan wallet and the said trademark is all about. And read more from the sources attached to this post.

KEY TAKEAWAYS
America’s largest bank, JPMorgan Chase & Co. (JPM), officially registered a trademark for cryptocurrency wallets.
JPMorgan is focusing on offering crypto payment services, including crypto payment processing, virtual checking account, and more.
Even though CEO Jamie Dimon believes cryptos are not a good investment, the bank continues to explore them.

What is J.P. Morgan Wallet?
Real-time virtual sub-ledgers that help manage and scale any number of customer, supplier and vendor1  payments in an organized, easy-to-reconcile way.

How Wallet Works
Connect via APIs to help simplify domestic and cross-border receivables and disbursements. Use Wallet globally2 for management of highly-scalable virtual accounts in real-time.

Sources: https://www.investopedia.com/jpm-crypto-wallet-6831467
              https://www.jpmorgan.com/solutions/treasury-payments/jpmorgan-wallet

[1714918264]

1714918264

[1714918264]

1714918264

[mk4]

I don't know if many will be happy with this news because it's another centralized company that's stepping to the market.

How is it a bad thing though? I know we mostly try to refrain people from using centralized platforms, the more centralized exchanges exist, the more the existing ones are incentivized to provide better services because of increased competition.

[o_e_l_e_o]

JP Morgan are not your friend.

Their wallet website does not mention bitcoin nor cryptocurrency even once. This looks very much like it is going to be geared towards CBDCs, not bitcoin. And if it does support bitcoin, I am 100% sure they will run a fractional reserve just like every other centralized exchange and it will all go to shit eventually.

Don't think that JP Morgan are in this for anyone but themselves. You would be a fool to use this wallet.

[aysg76]

JP Morgan are not your friend.

Their wallet website does not mention bitcoin nor cryptocurrency even once. This looks very much like it is going to be geared towards CBDCs, not bitcoin. And if it does support bitcoin, I am 100% sure they will run a fractional reserve just like every other centralized exchange and it will all go to shit eventually.

Don't think that JP Morgan are in this for anyone but themselves. You would be a fool to use this wallet.

They have said about crypto payments and the trademark was registered but yes you are right on the part they will be benefiting from it themselves.They have played crypto card but in reality they might be trying users of the wallet to transfer funds using their JPM coin based on their blockchain so they are into personal profits in the primary phase but people will consider as they have shown great support to crypto market.

But in reality they have turned their stones from speaking negative about bitcoin and crypto in the past to going for self wallet trademark why? Because they are seeing profits and whole lot of people into this and by providing these services they can make more profits and use their stablecoin also.But don't fall for it easily.

[Pmalek]

What is J.P. Morgan Wallet?
Real-time virtual sub-ledgers that help manage and scale any number of customer, supplier and vendor1  payments in an organized, easy-to-reconcile way.

A bunch of good sounding keywords that makes it look like you are an expert in the field but without saying anything of importance.

How Wallet Works
Connect via APIs to help simplify domestic and cross-border receivables and disbursements. Use Wallet globally2 for management of highly-scalable virtual accounts in real-time.

Cross-border crypto transactions don't differ in any way to local transactions between two neighbors. They are already simple, fast, and don't require the interference from J.P. Morgan and similar scum 3rd-parties.

[joniboini]

From the wording they used it sounds more like they target businesses/companies or anyone looking to manage a business in general. Probably not the go-to wallet for retail (as it should be).

More and more centralized parties are starting to enter the market after some went bust, not to mention it has a decent history before joining the crypto industry. Looks like they already stock enough crypto to dump on retail on the next bull run.

[tabas]

How is it a bad thing though? I know we mostly try to refrain people from using centralized platforms, the more centralized exchanges exist, the more the existing ones are incentivized to provide better services because of increased competition.

I guess everybody is invested to the situation of FTX and that's why this could be a bad thing to many. But you said it right, competition is good and even for these centralized companies, they're trying to improve and do better. But it's still up to the people if they'll trust them or not.

JP Morgan are not your friend.

Their wallet website does not mention bitcoin nor cryptocurrency even once. This looks very much like it is going to be geared towards CBDCs, not bitcoin. And if it does support bitcoin, I am 100% sure they will run a fractional reserve just like every other centralized exchange and it will all go to shit eventually.

Don't think that JP Morgan are in this for anyone but themselves. You would be a fool to use this wallet.

I agree, nothing has changed from them for being a banker. And like what we mostly know, bankers don't like what's up with bitcoin and if there are banks that have adopted bitcoin, they're rare and few and their interest to the business is what matter most for them.

But in reality they have turned their stones from speaking negative about bitcoin and crypto in the past to going for self wallet trademark why? Because they are seeing profits and whole lot of people into this and by providing these services they can make more profits and use their stablecoin also.But don't fall for it easily.

They can't skip the market where they can also profit from such. Maybe they saw that many people still relying on known companies if it's about keeping their crypto and money. So, it's like, "Hey we're JP Morgan, we're known! so trust us with your crypto through our wallet.".

A bunch of good sounding keywords that makes it look like you are an expert in the field but without saying anything of importance.
...
Cross-border crypto transactions don't differ in any way to local transactions between two neighbors. They are already simple, fast, and don't require the interference from J.P. Morgan and similar scum 3rd-parties.

Actually, you just made me realize that it's just like to have a description that they're good with what they're doing now. But true, they're jargon words and a new customer wouldn't even understand those.

From the wording they used it sounds more like they target businesses/companies or anyone looking to manage a business in general. Probably not the go-to wallet for retail (as it should be).

More and more centralized parties are starting to enter the market after some went bust, not to mention it has a decent history before joining the crypto industry. Looks like they already stock enough crypto to dump on retail on the next bull run.

Probably it is. Its CEO has been talking shit about bitcoin long time ago and then suddenly turned out that he's packing and stacking a lot of sats on his portfolio just like the known strategy of these bankers and other famous people before.

[o_e_l_e_o]

Because they are seeing profits

This is it exactly. JP Morgan have always been, and continue to be, threatened by bitcoin. They tried the ignore you, laugh at you, and attack you approaches. All failed. So now they've simply decided to get in for themselves. They'll allow you to "buy" bitcoin, but only if you don't actually buy bitcoin and instead buy a worthless IOU on their centralized platform which they have complete control over, backed up by imaginary fiat they print out of thin air. They'll "support" bitcoin, in that they will lobby lawmakers for new laws and regulations which benefit themselves but do not benefit bitcoin. They will continue to spy on you, collect your data, share it with your government, and censor you or close your account if they see something they don't like. And for all of this, they'll charge some ridiculous fees.

They don't care about bitcoin. They don't care about you. They only care about getting left behind and not making profits.

But it's still up to the people if they'll trust them or not.

If someone still trusts any centralized exchange after the events of the past 4 or 5 months, then either they haven't looked at a single piece of crypto-related news or media in that time, or they are a moron. Sorry, but there is no other way to look at it. Centralized exchanges all fall somewhere between "completely untrustworthy" and "an outright scam".

[aysg76]

This is it exactly. JP Morgan have always been, and continue to be, threatened by bitcoin. They tried the ignore you, laugh at you, and attack you approaches. All failed. So now they've simply decided to get in for themselves. They'll allow you to "buy" bitcoin, but only if you don't actually buy bitcoin and instead buy a worthless IOU on their centralized platform which they have complete control over, backed up by imaginary fiat they print out of thin air. They'll "support" bitcoin, in that they will lobby lawmakers for new laws and regulations which benefit themselves but do not benefit bitcoin. They will continue to spy on you, collect your data, share it with your government, and censor you or close your account if they see something they don't like. And for all of this, they'll charge some ridiculous fees.

They don't care about bitcoin. They don't care about you. They only care about getting left behind and not making profits.

Right they are behind their personal profits only because they have tried their best in shattering the image of bitcoin seeing it as a competition in the initial phase and could not bend on the pipe so they decided why not be part of it by providing clients with these services and earn profits out of it and in the side they can also utilise their own centralised shit token by supplying it to the users so they can earn out of it but people won't see it and this is how they will make fool to them.

[tabas]

They don't care about bitcoin. They don't care about you. They only care about getting left behind and not making profits.

Truth be told, no other intention but to make money for the benefit of their company.

But it's still up to the people if they'll trust them or not.

If someone still trusts any centralized exchange after the events of the past 4 or 5 months, then either they haven't looked at a single piece of crypto-related news or media in that time, or they are a moron. Sorry, but there is no other way to look at it. Centralized exchanges all fall somewhere between "completely untrustworthy" and "an outright scam".

Most likely they don't care what the news are all about, they lean on the idea that their funds are on a "reputable exchange" after all. And that's why they still trust them to keep their money there. But, soon, they'll learn the biggest lessons of their lives if they don't listen to people warning them about taking it out before another big scene and event has been made by another centralized exchange or company.

[RickDeckard]

JP Morgan are not your friend.

Their wallet website does not mention bitcoin nor cryptocurrency even once. This looks very much like it is going to be geared towards CBDCs, not bitcoin. And if it does support bitcoin, I am 100% sure they will run a fractional reserve just like every other centralized exchange and it will all go to shit eventually.

Don't think that JP Morgan are in this for anyone but themselves. You would be a fool to use this wallet.

It took me a while to read their patent submitted at the United States Patent and Trademark Office (USPTO)[1] and while you're correct - their website doesn't mention anything regarding cryptocurrencies - there's this brief description filled in the application document[2] that may shed some light on their plans:

The applicant, JPMorgan Chase Bank, N.A., a national banking association legally organized under the laws of United States (...) requests registration of the trademark/service mark identified above in the United States Patent and Trademark Office on the Principal Register (...) for the following: International Class 036:  Financial services; payment services; payment processing services (...) cryptocurrency payment processing;(...)

What I imagine that may happen is that they take the route that Revolut did - they'll make transfer your money to this "wallet" so that you can "exchange" for possible Bitcoin "ownership", with the added downside that you can't withdraw it (Revolut has implemented withdraws for a while[3] but it wasn't like that in the beginning). Either way, this is a terrible step towards decentralization. Adding to that, these entities use BTC to channel what they really want - more money so that they can fund other companies / businesses - they don't have any aim to develop/sustain the organic growth of BTC or any other cryptocurrency because they go against what they fear - not having control.

This is it exactly. JP Morgan have always been, and continue to be, threatened by bitcoin. (...) They don't care about bitcoin. They don't care about you. They only care about getting left behind and not making profits.

If someone still trusts any centralized exchange after the events of the past 4 or 5 months, then either they haven't looked at a single piece of crypto-related news or media in that time, or they are a moron. Sorry, but there is no other way to look at it. Centralized exchanges all fall somewhere between "completely untrustworthy" and "an outright scam".

It hurts to say this, but I still now people that after all these collapses, they still continue to let their crypto rest in centralized exchanges. Whenever I question why, they just tell me it's easier that way ( ). I'm always available to guide them to better options, but it seems that they are waiting for something to happen to their funds so that they finally wake up...
[1]https://tsdr.uspto.gov/#caseNumber=90071872&caseType=SERIAL_NO&searchType=statusSearch
[2]https://tsdr.uspto.gov/documentviewer?caseId=sn90071872&docId=APP20200728090857#docIndex=25&page=1
[3]https://help.revolut.com/help/wealth/cryptocurrencies/getting-cryptocurrency-exposure/sending-cryptocurrency

[o_e_l_e_o]

It took me a while to read their patent submitted at the United States Patent and Trademark Office (USPTO)[1] and while you're correct - their website doesn't mention anything regarding cryptocurrencies - there's this brief description filled in the application document[2] that may shed some light on their plans:

I read that too, but it hardly justifies the usual low quality crypto news platforms reporting this as JP Morgan trademarking their own crypto wallet. JP Morgan are creating a wallet which will do many things. One of those things may, at some point, be allowing customers to buy and sell (but not own or transfer) bitcoin. But you can be 100% sure that all of those things will be complete centralized and and users will have exactly zero privacy or security over their funds.

This will be exactly like Robinhood or the Revolut example you gave. Just another shady, immoral, and often illegal third party offering worthless IOUs.

[Pmalek]

This will be exactly like Robinhood or the Revolut example you gave. Just another shady, immoral, and often illegal third party offering worthless IOUs.

Something like what PayPal was dong in the beginning when everyone was reporting that PayPal allowed its users to purchase bitcoin. They were in fact purchasing IOUs they never got their hands on and which couldn't be withdrawn to proper wallets outside of the PayPal platform. I think in the meantime they changed things around and are now also allowing withdrawing BTC to 3rd-party wallets. Maybe JP Morgan will do something similar. But what I am saying is in no way support for either of the two brands.   

[NeuroticFish]

I read that too, but it hardly justifies the usual low quality crypto news platforms reporting this as JP Morgan trademarking their own crypto wallet. JP Morgan are creating a wallet which will do many things. One of those things may, at some point, be allowing customers to buy and sell (but not own or transfer) bitcoin. But you can be 100% sure that all of those things will be complete centralized and and users will have exactly zero privacy or security over their funds.

This will be exactly like Robinhood or the Revolut example you gave. Just another shady, immoral, and often illegal third party offering worthless IOUs.

This is 100% correct. Yet, I start thinking that many actually need this kind of fake bubble / containment. They are here only for the profit, and don't care nor want to care about the technology, wallets and... self custody. Or maybe not yet.
And then, instead of giving their money to a random Ponzi, a reputable bank could be the better choice.


We do have to keep telling that IOUs are not the real thing, I don't deny that, but this is for those who don't want to read deeper. Some may read and wake up, some won't.
I find it still a step forward in bringing bitcoin (heh, not really, but they don't know) to the masses.

[tabas]

This will be exactly like Robinhood or the Revolut example you gave. Just another shady, immoral, and often illegal third party offering worthless IOUs.

Something like what PayPal was dong in the beginning when everyone was reporting that PayPal allowed its users to purchase bitcoin. They were in fact purchasing IOUs they never got their hands on and which couldn't be withdrawn to proper wallets outside of the PayPal platform. I think in the meantime they changed things around and are now also allowing withdrawing BTC to 3rd-party wallets. Maybe JP Morgan will do something similar. But what I am saying is in no way support for either of the two brands.   

True, there are other exchanges IIRC like etoro has done the same when there's no withdrawal for the actual btc and other crypto that they have. It's like the users are only playing with numbers but in reality, they don't hold anything but only see the projections on how much they own inside the platform. They got no keys but only usernames and passwords plus the numbers that they believe they really own it but unable to withdraw. On this case with JP Morgan, that "trademark" that's being hyped by the media is likely what they're capitalizing for them to have more users trust them with their crypto.