JPMorgan Now Offers Banking Services to Prominent Crypto Exchanges

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JP Morgan Offers Banking Services to Bitcoin Exchanges

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  • JPMorgan has accepted Cryptocurrency exchanges Coinbase and Gemini as clients
  • This news comes less than 24 hours after the Bitcoin went through a halving upgrade

American multinational bank and financial services provider giant JPMorgan is reportedly offering its services to prominent cryptocurrency exchanges. US-based crypto exchange firms Coinbase and Gemini are its two newest clients.

The wall street journal says that the banking powerhouse will provide a number of services such as wire transfers, automated deposits, and withdrawals, as well as electronic fund transfers. JPMorgan offering its services to the cryptocurrency industry suggests a change in their stance, notably after its CEO Jamie Dimon called Bitcoin a fraud.

However, both the exchanges had to undergo a long vetting process. Considering that both Coinbase and Gemini have reliable regulatory bodies controlling it, unlike other exchanges which seems questionable. The change in JPMorgan’s stance reflects the change in perception of many traditional financial entities who now do not hesitate to incline towards the digital currency sector.

In addition, this news comes after Bitcoin went through a massive halving process making it scarcer, thus increasing its value. Perhaps wall street investors are looking to make their hedge fund investments in cryptocurrencies.

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