News reaching TechNewsLeader.com indicate that popular investment bank, J.P Morgan and Chase had filed a blockchain patent with the U.S Patent and Trademark Office. This happened back in October, 2017. With the patent titled Systems and Methods for the Application of Distributed Ledgers for Network payments as Financial Exchange Settlement and Reconciliation, the investment bank headed by former Bitcoin (BTC) critic Jamie Dimon, is now part of a growing number of Wallstreet firms that have embraced blockchain technology or cryptocurrencies.
Popular Wallstreet firms that have swallowed humble pie and joined the crypto-party include Soros Fund Management and the Rockefeller arm of investing, Venrock. The Soros Fund Management announced earlier on in April, that the firm plans to launch cryptocurrency investing and trading. This is a complete 180 degree turn from the visible attitude of George Soros earlier in January when he stated Bitcoin was too volatile to be considered a currency. He went ahead and called the whole Bitcoin market a Bubble. But the beauty of Soros is that he knows where to invest and the cryptocurrency market is ripe for the entry of such individuals.
With respect to Venrock, the investment arm of the Rockefeller family partnered with Crypto startup, Coinfund. The aim of the partnership was to steer a number of crypto projects in the right direction in terms of leadership and funding.
Going back to Jamie Dimon, back in 2017, he had declared Bitcoin a fraud. He even stated that his company would be willing to fire any individual who dared to trade or handle Bitcoin. Mr. Dimon would later backtrack on his statements this year by saying he regrets calling Bitcoin a fraud.
All these actions point to a move similar to what Goldman Sachs made earlier last week when they announced they would start trading Bitcoin futures.
Is the time ripe for J.P Morgan and Chase to embrace the entire cryptocurrency market completely?
This theory had been put forth by EthereumWorldNews.com only less than 3 weeks ago. In the article, the author of the piece states that:
Cryptocurrencies have taken mainstream investing by storm with a few notable turnarounds by former Bitcoin critics like Jamie Dimon. The first to change his mind, was Shark Tank Investor and Dallas Mavericks owner, Mark Cuban. He was later followed by billionaire investor, George Soros. His approval for crypto investing was not direct but through his investment fund management firm. He gave a go ahead for it to invest in crypto.
Another entry of a prominent Wallstreet firm was the partnership of the Rockefeller family arm of investing, Venrock, with crypto startup, Coinfund.
It is with such a premise that an endorsement by Jamie Dimon – whether directly or indirectly like in the case of George Soros – would be one major step to legitimizing cryptocurrencies 100% as profitable alternative sources of investment. The event would be monumental in the sense that J.P Morgan Chase is the largest bank in the United States with a similar reach across the globe.
In conclusion, it might be only a matter of time before J.P Morgan and Chase embrace cryptocurrencies completely and start offering investment options for its client base.