JPMorgan crypto banking support services for Gemini and Coinbase

JPMorgan crypto banking support

JPMorgan crypto banking support comes as no surprise for a banking institution that has its own token. According to a Wall Street source conversant with the arrangement, the bank becomes the first in the U.S. to extend a helping hand in the crypto space to support Gemini and Coinbase crypto exchange users.

The report dated May 12 indicates that Gemini and Coinbase got the JPMorgan bank in April. This is a big milestone for both the banking and crypto industries in easing the existing friction between the two market players. However, the bank is not processing cryptocurrency transactions. It is offering cash management-as-a-service, in particular, handling the U.S. dollar for the exchange client based in the U.S.

JPMorgan crypto banking support targeting U.S. regulated exchanges

The JPMorgan crypto banking support appeared to target high profile crypto exchanges that are fully regulated. However, the bank will only handle wire transfers, USD deposits, and withdrawals through their Automated Clearing House Network. Both the exchanges are fully regulated making them the right fit for JPMorgan Chase bank cash management service.

For Gemini and Coinbase to access the service, they had to go through a stringent vetting process. The bank has been hesitant to partner with platforms associated with cryptocurrencies and related services. This could explain the reason why the Winklevoss owned exchange has been fighting for crypto exchange regulation.

Huge surprise as JPMorgan crypto banking support goes live

The JPMorgan crypto banking support services for Geminin and Coinbase comes as a big surprise for many industry observers. Jamie Dimon has been on records as the biggest critic of the crypto sphere. He is on record saying that Bitcoin is not the future and it will not end well

However, the bank positivity on the opportunities behind blockchain is not a secret. This was made clear in February 2019 when the bank announced the launch of its native token, the JPM coin. The bank has shown interest in ConsenSys, an Ethereum based platform through a partnership with Quorun which connects various banks through its ecosystem.

Albert Kim

Albert Kim

Albert Kim is a full time tech content developer and writer specializing in blockchain and cryptocurrencies. He has been in the tech industry for the last 7 years helping businesses scale up their potential to the next level.

Related News

Hot Stories

ChainLink price analysis: LINK price stays consistent at $7.5
Tezos price analysis: Bearish momentum degrades XTZ price to $1.43
Litecoin price analysis: LTC/USD stabilizes at $53.58 after a bearish period
Ripple price analysis: XRP dips to lows of $0.475 after a bearish spell
Solana restarted for the 8th time. What went wrong this time?

Follow Us

Industry News

Solana restarted for the 8th time. What went wrong this time?
LUNC is finally deflationary
Is Africa winning in crypto adoption?
Spanish telco announces Web3 adoption
The Sandbox and HSBC flop show