By Marcus Sotiriou, Analyst at the publicly traded digital asset broker Global block (TSXV: BLOK).
Bitcoin and crypto markets rebounded for a while on Wednesday after a continued relief rally in the S&P 500. As investors lose faith in exchanges and trading platforms that aren’t transparent, 137 000 Bitcoins have been withdrawn from exchanges in the last 30 days.
Retail investors are accumulating at a rapid pace as the supply of Bitcoin held by on-chain entities ranging in size from 0.1 to 1 BTC increases.
While the stability of the crypto ecosystem remains in question, JP Morgan continues to move towards the integration of crypto products. JP Morgan recorded a JP Morgan Portfolio with the United States Patent and Trademark Office (USPTO) for use in a wide range of financial services, including cryptocurrency transfers and crypto payment services.
The terms used to describe the services enabled with this registration are “virtual currency electronic transfer”, “virtual currency financial exchange”, and “cryptocurrency payment processing”, as listed by the USPTO website.
JP Morgan described the portfolio as follows:
“Virtual, real-time sub-ledgers that help manage and progress any number of customer, vendor, and vendor payments in an organized, easy-to-reconcile way.”
JP Morgan intends to “help simplify domestic and cross-border receivables and disbursements” with the implementation of this wallet, and also to develop “sophisticated payment solutions like connected mobility solutions and blockchain platforms that can help you tell the world more.
Additionally, Singapore’s largest bank, DBS, conducted an intraday repo transaction on JP Morgan’s Onyx (JP Morgan’s own blockchain ecosystem). Usually, repo trades take two days to settle, but by using blockchain technology, these trades can be settled in just a few hours.
This proves the potential of blockchain technology to disrupt the $4 trillion repo market and revolutionize the financial services industry.