- JPMorgan Chase Bank has approved the accounts of Coinbase and Gemini crypto exchanges.
- This is the first time the bank is serving clients from the crypto industry.
- The bank will provide cash-management services and handle dollar transactions for the exchanges’ US-based customers.
JPMorgan Chase, one of the US’ largest banks, has reportedly approved the accounts of Coinbase and Gemini crypto exchanges. Unknown sources close to the matter have clarified that this is the first time the bank has served clients from the crypto industry, as per a Wall Street Journal (WSJ) report.
The sources told WSJ that both exchange accounts were accepted in April and transactions are now being processed. The bank is not processing crypto transactions on behalf of the exchanges but will be providing cash-management services and handle dollar transactions for their US-based customers. JPMorgan Chase will reportedly process all wire transfers, dollar deposits and withdrawals through the Automated Clearing House network.
Gemini and Coinbase getting approved by JPMorgan Chase might come as a surprise to a few given Jamie Dimon’s stance on crypto in recent years. Dimon is the chairman and CEO of the bank. He had earlier said that Bitcoin is “worse than tulip bulbs,” predicting that speculation on the coin “won’t end well.”
View more information: https://www.fxstreet.com/cryptocurrencies/news/jpmorgan-chase-approves-the-accounts-of-coinbase-and-gemini-exchanges-202005140444