The JPMorgan’s faceless disenchantment with Bitcoin and cryptocurrencies regularly comes up against the fact that the big bank is developing its own Quorum blockchain or its house crypto, the JPM Coin. An additional proof is added to this clandestine passion for cryptos: JPMorgan will accept Coinbase and Gemini platforms as customers!
No more banking problems for Coinbase and Gemini?
Companies linked to cryptocurrencies have always had the greatest difficulty in obtaining a bank account with a traditional bank, and just as much difficulty in maintaining it in the long term.
According to a publication dated on May 12 on the Wall Street Journal, it will not be the case for exchange platforms crypto Coinbase Inc. and Gemini Trust Co. The latter have indeed obtained customer accounts from the multinational bank JPMorgan Chase, according to sources familiar with the matter.
The two platforms, founded in 2012 for Coinbase and in 2014 for Gemini, thus become the very first clients of the crypto active sector within the JPMorgan.
Their accounts have been approved since April, and their first transactions have started to be processed, according to the same anonymous sources.
No more fear of exposure to Bitcoin?
Have the banks’ main concerns about the alleged instability and the risks linked to crypto active companies gone? Let’s say yes, “partially”.
Partly, because apart from the fact that Coinbase and Gemini have existed for 8 and 6 years respectively, these two platforms are also among the most advanced in terms of regulatory compliance. This would have played ” an important role in the approval process ” by JPMorgan.
The multinational banking company would provide cash management services to the two crypto-asset exchanges, and would also process dollar transactions for their U.S.-based clients. These transactions will be processed through the large bank’s Automated Clearing House (ACH) network.
Long gone are the days when Jamie Dimon, CEO of JPMorgan, called Bitcoin “fraud”. In January this year, Jamie sounded like a bitcoin bull at Davos. In addition to ensuring the banking stability of the two crypto-exchanges, the multinational will now facilitate money transfers from investors in Bitcoin & Co!
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