JPMorgan began serving cryptocurrency exchanges

Banking giant JPMorgan has begun providing services to cryptocurrency exchanges. The bank's first clients wereAmerican sites Coinbase and Gemini.

According to The Wall Street Journalreferring to “sources familiar with the situation”, Coinbase and Gemini exchanges became the first customers of the bank working in the cryptocurrency industry. Companies received approval to open accounts at JPMorgan last month, and processing of transactions and transactions began in May.

JPMorgan Bank provides exchanges with services forcash management, and also processes deposits and withdrawals for US customers of cryptocurrency platforms. Interbank transfers go through the Automated Clearing System (ACH).

Note that many banks refuse to provide their services to cryptocurrency companies. So, last August, Barclays Bank stopped providing services to the Coinbase exchange.

Analysts believe that servicecryptocurrency exchanges by a major bank such as JPMorgan is a positive signal for companies operating in the field of digital assets. This suggests that traditional financial companies are becoming more familiar with the cryptocurrency industry.

Interestingly, the CEO of JPMorganJamie Dimon is rather skeptical about cryptocurrencies. Once he even called Bitcoin "fraud." At the same time, he spoke positively about the stablecoin Libra, developed by the social network Facebook.

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