JPMorgan Provides Banking Services to Crypto Exchanges Coinbase and Gemini
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JPMorgan Chase, the United States’ largest bank, has reportedly taken on U.S. cryptocurrency exchanges Coinbase and Gemini as customers.
A report from the Wall Street Journal on May 12 cited unnamed sources apparently familiar with the matter, who highlighted that the move is the first time the banking giant has served clients from the crypto industry.
Both exchange accounts were reportedly accepted in April, with transactions now starting to be processed, sources told the WSJ.
JPMorgan Chase is not processing Bitcoin (BTC) or other cryptocurrency transactions on behalf of the exchanges but is providing cash-management services and handling dollar transactions for their U.S.-based clients. The bank will reportedly process all wire transfers and dollar deposits and withdrawals via the Automated Clearing House network.
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