JPMorgan will provide support to Coinbase and Gemini for banking transactions

The bank JP Morgan Chase will provide support to the houses of change of cryptocurrencies Coinbase and Gemini for their operations related to bitcoin and other criptoactivos. According to a report by the newspaper The Wall Street Journal (WSJ), the deal would have established the last month and would already be starting.The alliance has not yet been gazetted, but people with knowledge of the situation indicated that the bank will expand its banking services to the exchange houses of cryptocurrencies. In this case, Coinbase and Gemini will be their first clients associated with the ecosystem of the cryptocurrencies.The support of JP Morgan Chase would include the handling of cash transactions with us dollars from its customers residing in the united States, as well as process bank transfers, deposits and withdrawals using the platform of the Automated Clearing House (ACH).Confirmation of the information, JP Morgan Chase would go up a little more to bitcoin and other cryptocurrencies in spite of challenge in the past, the validity of the projects that make life in this industry.The CEO of JP Morgan Chase, Jamie Dimon, has been one of the executives of the financial sector that has most attacked bitcoin. On one occasion he stated on the first criptomoneda of the market the following: “I Personally do not understand how you give value to something that has no value; you can do it, it matters not to me”.Despite this position, the bank announced in February of last year its own version of bitcoin, the JPM Coin, a stablecoin laced in a 1:1 relationship with the dollar of the united States, and which marked, at that time, a new attempt to approach from JP Morgan Chase with the ecosystem of the cryptocurrencies.On that occasion, Umar Farooq, head of projects blockchain of JP Morgan, had softened the announcement by saying: “we have Always believed in the potential of the technology blockchain and support the cryptocurrencies provided that they are controlled and regulated properly”.In the past jpmorgan Chase has given more credit to the technology of accounting distributed (DLT), known as the blockchain, and that is original of Bitcoin as a digital system. In fact, the bank has developed over the years a project on its own blockchain so-called Quorum, an app that works on the network of Ethereum specialized in ledgers distributed contracts and smart with a business profile.Breaking News reported in October 2017 that JP Morgan Chase had launched a network of payment interbank based on DLT that he was baptized as a Network of Information Interbank (IIN for its acronym in English) and which would serve to facilitate the handling of the payment information, to speed up your process and reduce costs.Now with this new partnership with Coinbase and Gemini, the bank would be dabbling in a new business model within an industry that, for years, was not your point-of-care.

Cryptocurrency Market