The CEO of the North American bank JP Morgan Chase is one of them. Yesterday, the U.S. main bank announced, by market capital, the addition of two major cryptocurrency exchange platforms to its list of corporate customers.
The decision directly benefits Coinbase – the largest exchange in the U.S. – and the Gemini platform created by twins Tyler and Cameron Winklevoss, who were known to have been involved in the development of Facebook early on.
Since then, JP Morgan’s decision to accept cryptocurrency customers has been particularly important brings a higher level of legitimacy to the ecosystem and greatly facilitates the exchange of Fiat crypto.
A boost for the ecosystem
A banker familiar with the matter anonymously told The Block that this union could even be a starting point for an even deeper and more beneficial relationship:
“In my opinion, that’s pretty important news. The fees for processing transfers and ACH are low. I would expect JPM and its partner banks to have additional benefits, additional collaboration with both companies and the potential to win future IPOs or other aspects of the JPM currency offered on any of these platforms. “
With JP Morgan’s services, the bank can directly process fiat money transactions processed on exchange platforms, provided customers have accounts that support the ACH system.
The crypto side of things remains under the control – and responsibility – of the platforms, i.e. H. JP Morgan would not touch a penny of its customers’ digital assets.
The decision also represents a change in the bank’s position regarding the progress of Bitcoin and the cryptocurrency ecosystem. During the 2017 boom, the CEO of JP Morgan Chase has been repeatedly cited in the media for rating Bitcoin as Amounted toand compare it to the tulip bubble. [The Guardian]
Later, in an interview, he accepted his mistake and affirmed that he regretted making such statements. [CNBC] However, he claimed that Bitcoin wasn’t particularly interesting for him, which was already a neutral stance.
However, the attractive world of cryptocurrencies also caught the eye of the reluctant American banker. Actually, The bank made headlines when it launched its own version of a digital currency: JPM Coin, which uses blockchain technology to make fast and instant payments.
Given the evolution of the relationship between Dimon and Bitcoin, cryptocurrencies don’t seem to be that bad … not even for the almighty banks.
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