JP Morgan Chase, a major investment bank and financial services provider, is turning to blockchain technology once again. A patent describing their new blockchain application was made public today. This time, the firm has plans to handle IPOs in much same the way that ICOs currently operate. IPOs, or initial public offerings, are events in which a company begins to sell stock to the public. JP Morgan’s new patent will allow investors to turn their assets on the stock market into tokens, or “virtual receipts.” These virtual receipts can be traded and redeemed—much like an ICO token. The assets will also be treated as securities, just as ICO tokens are. The patent explicitly states that the tokens will exist on a “blockchain-based distributed ledger.” CCN notes that one application for this may be debt settlement, which also motivated the firm’s previous blockchain project for the Bank of Canada: ”The patent also notes that the tokens could represent obligation-backed virtual receipts, more commonly known as debt equity”.