May 20, 2020 by Clementine
This is a big step for the crypto-industry. If the actors of the sector crypto have difficult access to the banking service, Coinbase and Gemini have the honour of becoming the first platforms to crypto-trade to enjoy the benefits as clients of JP Morgan, the giant us bank.
The regulatory status, a necessary condition
The Wall Street Journal has just reported the membership Coinbase and Gemini at JP Morgan, as the beneficiaries of its services. Now, the american customers affiliated with the sites of crypto-exchange will have the discretion to execute wire transfers and transactions to ACH.
This is the first time that JP Morgan receives individual customers coming from the sector of crypto-currencies.
Such an approach is not without adventure in the United States, but the giant of finance has traditionally made an exception for this time . The confidence of JP Morgan is explained by the regularity of these two crypto-exchanges vis-à-vis the state Administration.
The JPM announcement that they will provide banking services to Coinbase and Gemini is a big deal. Gb $BTC. It is recognition that the future will include crypto currencies, digital assets, and blockchain-based systems.
— Michael Novogratz (@novogratz) May 12, 2020
A surprise for the community of crypto
This development seems somewhat ironic given that Jamie Dimon, CEO of JP Morgan, always had a negative attitude towards crypto-currencies, in particular for the Bitcoin. He has already qualified the Bitcoin scam repeatedly.
This, however, has not prevented the banking giant to deal with the technology Blockchain. For proof, she has already made assumptions in the creation of its own digital asset backed by the dollar, referred to as JPM Corner, to be used exclusively for the institution.
Despite this decision unexpectedly JP Morgan to accommodate these customers unusual, the crypto-sphere has been very well received the new.
Mike Novogratz, the CEO of Galaxy Digital, commented on this news in a tweet, in these words :
“The announcement by JPM that they will provide banking services to Coinbase and Gemini is a big move. Go BTC. It is recognized that the future will include the crypto-currencies, digital assets and systems based on the Blockchain. “
Do you think that other banks will follow the same route as JP Morgan and take care of the sites of crypto-trade ? Let us know your thoughts in the comment section below.
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Passionate about the universe geek, Clementine finds the news more interesting and involved in their drafting. The latest articles by Clementine (see all)