JP Morgan Applied For Blockchain Patent Before Calling Crypto A “Fraud”

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JP Morgan Chase is the biggest bank in the US. It is also world’s second largest by market cap. And has been one of cryptocurrency’s biggest critics.

This makes the information published by the U.S. Patent and Trademark Office even more interesting. The office revealed that JP Morgan Chase applied for a blockchain related patent last October.

Bank’s head, Jamie Dimon, has made the news on many occasions, slamming Bitcoin (BTC) and calling it a “fraud”. He said that BTC markets will “blow up” and threatened to fire any member of his team if they traded the cryptocurrency. Mr. Dimon called Bitcoin investors “stupid” and said that they will “pay the price” someday.

A “U” turn?

This week, the U.S. Patent Office published the formal application by JP Morgan Bank, detailing that the bank is after:

“Systems and methods for the application of distributed ledgers for network payments as financial exchange settlement and reconciliation are disclosed. In one embodiment, a method for processing network payments using a distributed ledger may include: (1) a payment originator initiating a payment instruction to a payment beneficiary; (2) a payment originator bank posting and committing the payment instruction to a distributed ledger on a peer-to-peer network; (3) the payment beneficiary bank posting and committing the payment instruction to the distributed ledger on a peer-to-peer network; and (4) the payment originator bank validating and processing the payment through a payment originator bank internal system and debiting an originator account,”

There was no official comment from Mr. Dimon as of yet. The future will tell if he joins the ranks of those “stupid” investors just waiting to “pay the price”. Or maybe he will eventually fire himself.

 

What do you think about the JP Morgan’s move? Let us know in the comments below!

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