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JPMorgan Extends Services to Bitcoin Exchanges

Eunniah MbabazibyEunniah Mbabazi
September 29, 2020
in Banking, Blockchain & Digital Currencies, Global News
Reading Time: 2 min
JPMorgan Extends Services to Bitcoin Exchanges

The JP Morgan Chase & Co. headquarters, The JP Morgan Chase Tower in Park Avenue, Midtown, Manhattan, New York. JPMorgan Chase & Co. is an American multinational banking and financial services holding company. It is the largest bank in the United States. Manhattan, New York, USA. 27th January 2014. Photo Tim Clayton (Photo by Tim Clayton/Corbis via Getty Images)


JPMorgan Chase is set to begin offering bank accounts to Gemini and Coinbase cryptocurrency exchanges. This is the first time the bank has opened its doors to the crypto industry.

According to the Wall Street Journal, both exchange accounts were reportedly accepted in April, with transactions now starting to be processed.

The bank reiterates that it is not processing Bitcoin (BTC) or other cryptocurrency transactions on behalf of the two exchanges, but is providing cash-management services and handling dollar transactions for their U.S.-based clients.

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Therefore, the bank will provide deposit, withdrawal, and transfer services for Coinbase and Gemini customers with Automated Clearing House (ACH) infrastructure.

In February last year, the bank created its own cryptocurrency, called JPM Coin, which runs on Bitcoin technology. The coin will help in instant settlement of payments between the bank and its clients as it transfers more than $6 trillion around the world daily in its wholesale massive businesses.

JPMorgan Chase & Co. is a multinational investment bank and financial services provider with headquarters in New York City. It is ranked as the largest bank in the United States and the sixth-largest bank in the world by total assets. It is also the world’s most valuable bank by market capitalization. 

See Also:

JP Morgan Chase Bank Creates Own Cryptocurrency

Kenya Ranks 23 Globally in Bitcoin Trading Volumes



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