The United States Patent and Trademark Office (USPTO) has granted JPMorgan Chase & Co. a trademark for a digital asset wallet. The $392 billion financial institution has reached out to the cryptocurrency market, enforcing the old adage that “cryptocurrencies are here to stay.” The US bank received a trademark for JP MORGAN Wallet on November 15, 2022.
Services expected to be provided through JP MORGAN Wallet include payment processing, exchange, and virtual checking accounts. The announcement comes as centralized institutions have tarnished their reputations through the fall of FTX and Alameda.
Furthermore, almost a million crypto traders were calling the FTX ecosystem their home before the sudden collapse. Therefore, the cryptocurrency market is expected to fall as a significant portion of long-term holders continue to download their cryptocurrency exchanges.
However, JPMorgan intends to raise the bar in the cryptocurrency market through its portfolio of digital assets. Furthermore, the bank has millions of customer accounts without direct access to the cryptocurrency market.
November has been a busy month for the primary market. Eight public issues worth a combined Rs 9,500 crore have successfully closed in the month so far. However, the retail portion for four of these eight initial public offerings (IPOs) remained undersubscribed, indicating low individual investor interest.
The four offerings that saw little retail participation were Keystone Realtors, Five Star Business Finance, Fusion Micro Finance and Global Health, which is the operator of the Medanta chain of hospitals.
These IPOs managed to sail through on the back of support from QIBs or qualified institutional buyers. In the case of Keystone Realtors, popularly known as Rustomjee Developers, the QIB portion was subscribed 3.8 times while the retail segment was subscribed only 0.53 times of the allotted quota.
In the case of Medanta, the QIB portion was oversubscribed 28 times while retail quota saw only 0.88 times the allotted portion being picked up.
There have been some exceptions. For instance, retail investors piled into the IPOs of Kaynes Technology (4.1 times) and Archean Chemical (9.9 times). But again, the larger push came from QIBs. The same was the case for DCX Systems, Electronics Mart India and Harsha Engineers.