SUBMIT PRESS RELEASE
  • Facebook
  • Twitter
  • LinkedIn
  • RSS
Coinfomania
  • News
    • Crypto
    • DeFi
    • NFTs
    • Regulation
    • Press Release
  • Beginner Guides
    • Bitcoin
    • Ethereum
    • Solana
    • NFTs
  • Price Analysis
  • Interviews
  • Crypto Swaps 🔥
  • Crypto Merch
  • About Us
  • News
    • Crypto
    • DeFi
    • NFTs
    • Regulation
    • Press Release
  • Beginner Guides
    • Bitcoin
    • Ethereum
    • Solana
    • NFTs
  • Price Analysis
  • Interviews
  • Crypto Swaps 🔥
  • Crypto Merch
  • About Us
Breaking: JPMorgan Now Offering Banking Services to Bitcoin Exchanges
Wilfred Michael May 12, 2020 1:20 PM

American multinational investment bank, JPMorgan Chase is now offering its services to cryptocurrency exchanges, according to a new Tuesday report by the Wall Street Journal, citing sources close to the matter.

Per the report, JPMorgan in April approved banking accounts for Coinbase and Gemini, suggesting that the famous Wall Street bank has finally softened its stance towards cryptocurrencies, a move that could potentially motivate other banks to support the emerging industry.

The sources further revealed what kind of services that JPMorgan is offering to these crypto companies, namely, cash management services and processing dollar-denominated transactions for customers using Coinbase or Gemini to trade cryptocurrencies.

It is to be recalled that in the past, JPMorgan and a number of Wall Street banks outrightly banned customers from using credit cards to buy cryptocurrencies.

Meanwhile, JPMorgan understandably had both exchanges undergo a long vetting process before letting them in, and is reported to have felt comfortable with the fact that Coinbase and Gemini are controlled by top regulatory bodies in the United States.

While Coinbase is registered as a money services business with the Financial Crimes Enforcement Network (FinCEN), and also has a BitLicense, from the NYDFS, Gemini, on the other hand, has a Trust charter from the NYDFS, as well as the coveted Delloite Pass for financial services companies.

JP Morgan’s decision to finally offer banking services to crypto-related firms evidently represents the stance most traditional financial institutions are now adopting, after a marginalized approach to the crypto industry in its early years.

JPMorgan on its part had made some efforts to explore blockchain technology, launching its JPM Coin for interbank transactions back in 2019, even though CEO Jamie Dimon is famous for labeling Bitcoin as “a fraud” back in 2017.

Interestingly too, Coinfomania reported earlier this year that the bank finally admitted that Bitcoin and crypto assets belong to an investor’s portfolio as a hedge against a loss of confidence in both the domestic currency and the payments system.

Your crypto deserves the best security. Get a Ledger hardware wallet for just $79!

Bitcoin (BTC) Crypto Exchange News JP Morgan

About the Author

Wilfred Michael View all posts by Wilfred Michael


« Previous Post
Next Post »
Press Releases
Filecoin (FIL) vs Cardano (ADA) – Here’s Why Investors Prefer Orbeon Protocol (ORBN)
Press Release

Filecoin (FIL) vs Cardano (ADA) – Here’s Why Investors Prefer Orbeon Protocol (ORBN)

HeartX Launches Web3 Marketplace and Community Aim to Revolutionize Digital Art Industry
Press Release

HeartX Launches Web3 Marketplace and Community Aim to Revolutionize Digital Art Industry

Fantom (FTM) vs. Tron (TRX); Here’s Why Cosmos (ATOM) and Orbeon Protocol (ORBN) Are Must-Have Cryptos for Your Portfolio in 2023
Press Release

Fantom (FTM) vs. Tron (TRX); Here’s Why Cosmos (ATOM) and Orbeon Protocol (ORBN) Are Must-Have Cryptos for Your Portfolio in 2023

Filecoin’s (FIL) FVM, and Arweave’s (AR) 2.6 Launch Unable to Attract Investors, as They Rush Towards TMS Network’s (TMSN) Presale
Press Release

Filecoin’s (FIL) FVM, and Arweave’s (AR) 2.6 Launch Unable to Attract Investors, as They Rush Towards TMS Network’s (TMSN) Presale

Beginner Guides
Who Are Crypto Whales? The Only Article You Need to Read
Beginner Guides

Who Are Crypto Whales? The Only Article You Need to Read

What Is Solend and How Does It Work?
Beginner Guides

What Is Solend and How Does It Work?

What is Polkadot (DOT) and How to Buy It?
Beginner Guides

What is Polkadot (DOT) and How to Buy It?

What Is an Exchange Token in Crypto? Explained for Beginners
Beginner Guides

What Is an Exchange Token in Crypto? Explained for Beginners

Price Analysis
Bitcoin Analysis: BTC Flips $28k in its Latest Rally. How High Will it go?

Bitcoin Analysis: BTC Flips $28k in its Latest Rally. How High Will it go?

Guides

About Us

Bitcoin

Ethereum

Solana

Polygon

Ronin

NFTs

Web3

Metaverse

Company

About Us

Contact

Corrections

Privacy

Terms

Sitemap

Community
  • Facebook
  • Twitter
  • LinkedIn
  • RSS
Disclaimer

Information found on this website is those of the writers quoted. It does not represent the opinions of Coinfomania on whether to buy, sell, or hold any investments. Readers must conduct their own research before making any investment decisions. Use the provided information at your own risk.

Coinfomania Copyright © 2023.
  • bitcoinBitcoin (BTC) $ 28,318.00 0.1%
  • ethereumEthereum (ETH) $ 1,773.78 2.37%
  • bnbBNB (BNB) $ 337.81 0.71%
  • xrpXRP (XRP) $ 0.379857 3.19%
  • solanaSolana (SOL) $ 22.69 2.29%
  • terra-luna-2Terra (LUNA) $ 1.42 3.92%
Scroll to top
Skip to content