JPMorgan banks its first crypto clients bringing on Coinbase and Gemini
Update: According to a tweet from Tokensoft CEO Mason Borda JPMorgan has provided banking services to Tokensoft since 2017.
Two of the largest U.S. based crypto exchanges are now banking with one of Wall Street’s giants. JPMorgan is offering primarily cash management services to process wire transfers, and deposits and withdrawals through the Automated Clearing House (ACH) network.
Why it matters
- Crypto companies have historically struggled to establish banking relationships in the U.S. but this move could open the door for others to follow suit.
- While JPMorgan is not touching any crypto-based transactions, the relationship offers them to get greater insight into how crypto exchanges operate and could help them get more comfortable with offering additional services.
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