Industry News

JP Morgan pro-crypto approach is surprising many

JP Morgan pro-crypto approach is a complete shift from the anti-Bitcoin stance it has been holding until now. It has been many years that J.P. Morgan, the largest bank of the U.S. in terms of assets, has been battling Bitcoin and other cryptocurrencies with words.

Back in September 2017, the chief executive of JP Morgan, Jamie Dimon, labeled Bitcoin as a fraud. The price of Bitcoin has been swinging wildly from $20,000 per Bitcoin to below $4000.

However, it seems that the turbulent relationship between JP Morgan and Bitcoin has started to soften now with the JP Morgan pro-crypto approach taking over. Following the addition of its very first crypto exchange customers by the bank, reportedly, Jamie Dimon has hosted a secret meeting with Coinbase, a major crypto exchange.

JP Morgan pro-crypto for JP Morgan coin?

Per the Wall Street Journal reports, earlier this month, following an extensive vetting period, J.P. Morgan signed Coinbase and Gemini crypto exchanges. The accounts of these two Bitcoin exchanges were approved by JP Morgan last month.

They had already been dealing with the transactions, potentially indicting and end towards the banking woes of the crypto industry.

For years, the crypto community complained about the banks, including the JP Morgan denying services and blocking accounts dealing with cryptocurrency businesses.

In the meanwhile, Jeff Roberts, author of the book ‘Kings of Crypto’ has revealed that secret meetings have been conducted by Jamie Dimon with the chief executive of Coinbase Brian Armstrong since 2018. In the promotion event for his book, Robert revealed that Brian Armstrong and JP Morgan’s Jamie Dimon were conducting secret meetings in 2018. Ironically, Jamie Dimon was thought to be the biggest enemy of Bitcoin.

Though, the JP Morgan pro-crypto approach extends Bitcoin. The head of digital treasury service and blockchain at JP Morgan, Umar Farooq in 2017, stated that JP Morgan is supportive of cryptocurrencies subject to their being properly regulated and controlled.

Last year, J.P. Morgan launched its own JPM Coin as an answer to Bitcoin. However, unlike the Bitcoin, JPM Coin is pegged to the dollar and aims to speed up and reduce the costs of the global payment.

Saad B. Murtaza

Journalist, Writer, Editor, Researcher, and Strategist with over 10 years of experience in the digital, print and public relations industries, Saad has been working with the mantra, Creativity, Quality and Punctuality. In his waning years promises to build a self-sustaining institute that provides free education. Carrying a diverse portfolio he has studied and written on topics related to cyber crimes, scams, blockchain, and cryptocurrencies.

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