Keeping Enemies Close: JPMorgan Servicing Crypto Firms Opens a New Frontier

[SRShanuka2020]

Keeping Enemies Close: JPMorgan Servicing Crypto Firms Opens a New Frontier

As the largest among the United States’ “Big Four” banks, JPMorgan Chase comes across as an unlikely ally to digital asset service providers seeking to break through the glass ceiling still separating traditional and crypto finance. When the news broke on May 12 that the bank has been serving U.S.-based crypto exchanges Coinbase and Gemini since April, some digital finance experts saw it as a sign that the relationship may finally be thawing.

Despite JPM’s CEO Jamie Dimon consistently disparaging cryptocurrencies’ aptitude as a financial instrument, the institution has not been dismissive of blockchain technology, most notably developing proprietary DLT-based tools for international settlements. Now that the major U.S. bank seems to be extending its acceptance to crypto-related businesses as well, are the traditional players having a qualitative shift in perception of the digital finance space?

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[mlawson71]

That is a very interesting turn of events.