- The cold war between cryptocurrency and JP Morgan has been there for years now.
- The CEO of JP Morgan reportedly appears to soften the company’s relations with the bitcoin business.
- Furthermore, JPMorgan has recently launched its own virtual currency called the JPM Coin.
J.P. Morgan has never hidden its feelings about digital money and its usage. This largest U.S. bank once called Bitcoin, “fraud money”. The cold war between cryptocurrency and JP Morgan has been there for years now.
Change of Feelings
The CEO of JP Morgan reportedly appears to soften the company’s relations with the bitcoin business. The bank has recently added its first crypto exchange customer as well.
According to The Wall Street Journal, JP Morgan Chase welcomed the two dominating bitcoin exchanges Coinbase Inc. and Gemini Trust Co. as its banking customers.
All about JP Morgan Chase
JP Morgan Chase majorly provides cash-management services. These services are associated with some of the prominent exchanges in the world. It also handles US dollar-based transactions and other deposits or withdraws just like a normal bank. But most of the transactions are done via wire transfers or Automated Clearing House networks.
JP Morgan recently added Coinbase and Gemini and offered them banking services for exchange. However, this is the first time JP Morgan added clients from the cryptocurrency industry to access its banking facilities.
JPM CEO’s Views About Bitcoin
In a statement during 2017, JP Morgan Chase CEO Jamie Dimon said that bitcoin is “a fraud,”. He also added that the cryptocurrency is a bubble and would eventually blow up with time. However, in less than five months later, he issued a statement on how he regrets his remarks about BTC.
He later added that Blockchain technology is a real deal. With the help of secured Blockchain measures, the online ledger underlying bitcoin can be pursed.
Furthermore, JP Morgan has later announced launching its own virtual currency called the JPM Coin.
This JPM Coin is a digital coin designed to make instantaneous payments using blockchain technology.
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