J.P. Morgan Opens Accounts For Bitcoin Exchanges— Coinbase And Gemini Up First
"America's biggest financial firm is changing its tune on bitcoin.
Originally reported by WSJ, the $2.6 trillion bank will begin offering bank accounts to Gemini and Coinbase cryptocurrency exchanges. Per the banking relationship, which was solidified last month, J.P. Morgan will provide deposit, withdrawal and transferring services for Coinbase and Gemini customers with Automated Clearing House (ACH) infrastructure."
"Historically, it has been difficult for cryptocurrency exchanges to secure reliable banking relationships for fear of fraud and money laundering, something that has led them to rely on sketchy payment processors instead.
The news, then, is particularly significant, not just because of J.P. Morgan's staunch stance against cryptocurrencies in the pas, but because this could open avenues for better banking relationships for Bitcoin companies going forward.""