Wall Street giant JP Morgan is offering banking services to Coinbase and Gemini and is understood to be already handling their transactions, The Wall Street Journal reported on Tuesday.
The largest bank in United States approved both accounts last month in what will be seen in the cryptocurrency world as landmark deal.
In the article it details that the bank will offer cash management services, specifically US-dollar transactions for the US-based customers of the hugely popular crypto exchanges.
A Huge Step
This is a huge step forward for both the cryptocurrency and banking sector especially in light of JP Morgan’s chequered history in regards to Bitcoin.
Jamie Dimon, CEO of the bank, labelled bitcoin “a fraud” in 2017 and went further, comparing it to the notorious Dutch tulip bulb mania of 17th century. He famously predicted that things wouldn’t end well for those speculating on the coin.
For the time being crypto exchanges across the world are struggling to receive legitimate banking services.
In the UK, Coinbase were dropped by Barclays Bank from its Faster Payments Scheme (FPS) last year but were quickly snapped up by a rival called ClearBank.