Over the years, many banks have turned rather hostile toward Bitcoin and other cryptocurrencies. JPMorgan is the most obvious example, although it too is slowly noticing the futility of that effort.
So far, Bitcoin hasn’t pulled people away from traditional finance in any convincing manner.
JPMorgan now Services Crypto Firms
Moreover, the ongoing relationship between banks and crypto firms has soured significantly.
JPMorgan Chase is one of the many banks actively shunning the cryptocurrency industry.
Its CEO has been very vocal about why cryptocurrencies will never amount to anything in the long term.
This week, however, something came to change.
JPMorgan confirmed it would begin taking on Bitcoin exchanges as official banking clients.
Obtaining support from the biggest US bank is a key milestone for the industry.
This also further confirms that the opinion of Jamie Dimon eventually became irrelevant.
While he claimed Bitcoin was a fraud, his own company is now reaping the benefits of the crypto industry.
The first two companies to receive this treatment are Gemini Trust Co. and Coinbase Inc.
Both firms will benefit from cash management services in the US.
No crypto transactions will be handled by JPMorgan at this time, yet it is still a very intriguing development regardless.