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.
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.