This archive report was first published on 15 May 2020.
Published on May 15, 2020, the Wall Street Journal reported that JPMorgan Chase had accepted bank accounts for Gemini and Coinbase cryptocurrency exchanges in April 2020.
As a result, the bank will provide deposit, withdrawal, and transfer services for Coinbase and Gemini customers using Automated Clearing House (ACH) infrastructure.
Notably, JPMorgan Chase will not be processing Bitcoin (BTC) or other cryptocurrency transactions on behalf of the two exchanges, but will instead provide cash-management services and handle dollar transactions for their U.S.-based clients.
Interestingly, JPMorgan Chase had previously created its own cryptocurrency, called JPM Coin, which runs on Bitcoin technology and is used for instant settlement of payments between the bank and its clients.
Headquartered in New York City, JPMorgan Chase is a multinational investment bank and financial services provider with a significant presence in the global financial market.
