JPMorgan Chase begins providing crypto services to companies

Cryptocurrency exchanges Coinbase and Gemini have become clients of one of the largest banks in America - JPMorgan.

According toAccording to the Wall Street Journal, the bank struck a deal with exchanges in April, and in mid-May it began processing their transactions. 

JPMorgan Chase does not handle cryptocurrencytransfers on behalf of exchangers, and works with customers' dollar transactions and provides them with asset management services. The bank will conduct all electronic transfers, as well as dollar deposits and withdrawals through the Automated Clearing House network.

JP Morgan Chase CEO Jamie Dimon called bitcoin a scam in September 2016.In January 2018, he retracted his words, but said he was still "not interested in the topic at all."Now, the bank has become the first in America to provide its services to cryptocurrency exchanges. 

The publication indicates that in order to get the bank's approval, Coinbase and Gemini worked with regulators for a long time. 

Coinbase is registered as a company forproviding cash services at FinCEN. In addition, the exchange has a special cryptocurrency license from the Department of Financial Services (DFS) called BitLicense.

Recall that last month, Coinbase representatives reported that now their Coinbase debit card can be linked to the Google Pay payment system.

Gemini received its New York DFS license back in 2015, a year after it was founded.Both exchanges are licensed to conduct money transfers in several states. 

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Based on materialscryptopotato.com