Its a leap of faith for the crypto market! The U.S. largest banking firm JPMorgan has officially added its first list of cryptocurrency exchange customers with Coinbase and Gemini first upon its list.
In 2017, JPMorgan’s Chief Executive Officer Jamie Dimon called Bitcoin a “fraud” and threatened to fire any employee caught trading the crypto. The firm then saw the value in bitcoin and said that even though they may not like Bitcoin, they still saw an opportunity to utilize BTC to score banking relationships with the current growing market.
Last year, the $2.6 trillion (Net worth) bank said it would be using crypto to help speed up corporate payments through a token dubbed JPM Coin.
JPMorgan has now agreed to take on two Bitcoin supported exchanges as clients for assets storage in a move to show that the company getting more comfortable with the blockchain innovation
The firm added Coinbase Inc. and Gemini Trust Co. as the first two customers in its corporate and investment bank on April 12, and will primarily be helping the virtual exchanges manage cash in the U.S., however, JPMorgan won’t be handling any cryptocurrency transactions reported by Bloomberg
Image source: Bloomberg