Dimon Called Crypto A 'Ponzi Scheme'—Now JPMorgan Is Building JPMD To Trade It

by Murtuza J Merchant Benzinga Staff Writer

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JPMorgan Chase is taking another significant step into the digital asset sector.

According to a trademark filing submitted on Sunday to the U.S. Patent and Trademark Office, the firm is developing a new platform called JPMD.

The trademark suggests the global bank is preparing to offer a suite of crypto-related services. This includes trading, exchanging, transferring, and issuing digital assets.

The filing reflects a broader institutional shift in how traditional financial firms engage with the digital asset space.

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The move is notable given JPMorgan CEO Jamie Dimon‘s historically critical stance on cryptocurrencies, referring to them in 2022 as “decentralized Ponzi schemes.”

And yet, the 69-year-old CEO confirmed last month that the bank now permits clients to gain exposure to Bitcoin BTC/USD, an asset he once called “worthless.”

JPMorgan also allows Bitcoin ETFs as collateral for certain customer loans and is reportedly engaged in conversations with other banks about launching a regulated stablecoin.

Its private blockchain-based payment network, Kynexis, handles over $2 billion in transactions daily, showing that the infrastructure to support JPMD is likely already in place.

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