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JP Morgan is first US bank to serve crypto exchanges as banking clients

May 14, 2020 / Ruby Hinchliffe
SHARESHARESHARE

JP Morgan is reportedly serving bitcoin exchanges – Coinbase and Gemini – as banking clients, according to Wall Street Journal sources.
It’s the first time the US banking giant has taken on crypto clients. The exchanges were approved in April as customers under the bank’s corporate and investment division, and are now starting to process transactions through the bank, per the report.
Traditionally fenced out by banks as clients too risky to take on – Barclays stopped providing banking services to Coinbase last August, it now seems that America’s biggest bank is becoming more comfortable with the idea of servicing players in the crypto world.
Primarily, the bank will be helping the virtual exchanges manage dollar-based transactions in the US and won’t be handling any cryptocurrency transactions, according to a WSJ source.
All the exchanges’ dollar-based wire transfers, deposits and withdrawals will be processed ...