JPMorgan would now serve multiple Bitcoin exchanges

Begin your forex journey
Begin your forex journey

According to a report, JPMorgan now provides banking services to two popular crypto-exchanges, Coinbase and Gemini.

Sources close to the case cited by Bloomberg claim that JPMorgan Chase & Co added Coinbase and Gemini to its customers last April.

Although the U.S. bank would not process any cryptocurrency transactions, it would help the two exchanges manage their banking operations in the U.S.

In the fall of 2017, Jamie Dimon, CEO of JP Morgan, qualified Bitcoin of "fraud" and even threatened to fire employees who invested in this new asset class. He then declared that he regretted his previous statements.

More recently, the financial institution explained that the participation of institutional investors in the cryptocurrency market was "now important", but that the volatility today remained a "major obstacle to wider adoption".

Before accepting clients such as Coinbase, the bank is said to have conducted thorough due diligence for several months.

You Might Want To Read This:   Ethereum loses the position in the field of tokenization

Read also : Gemini seeks to strengthen its presence in Europe

Today, the bank operates a blockchain-based payment network called Interbank Information Network (IIN) and is also working on a cryptocurrency of the stablecoin type named JPM Coin.

She is also under discussion for merge its Quorum blockchain unit with the Ethereum solution editor ConsenSys.