Coinbase and Gemini were the first crypto exchanges to open accounts …

Coinbase and Gemini First Crypto Exchanges To Open Accounts With JPMorgan Chase

American financial holding JPMorgan Chase accepted exchanges cryptocurrencies Coinbase and Gemini in number their clients. About this writes The Wall Street Journal, citing sources familiar with the situation.

By their words, opening accounts It was approved in April, but transactions on them started pass only now. The services provided to the exchanges are primarily in the management of money transactions and the processing of transactions of their American clients. Bank transfers and deposit / withdrawal operations funds will be conducted through the Automated Clearing House, which provides processing cashless payments within one day.

As WSJ notes, JPMorgan will not work with bitcoin, but showed interest in cooperation with companies of cryptocurrency space. Coinbase and Gemini went through a lengthy process harmonization, to get JPMorgan approval.

“What makes these exchanges from others, so this power, before which they are become regulated institutions, – notes WSJ. “The fact that both exchanges are regulated by multiple agencies played a huge role in the process.”.

Gemini received NYS Department of Financial Services approval in 2015. Coinbase registered in quality service provider in the field of money transfers in Networks to combat financial crime USA. Both companies also have licenses processing money transfers in different states.

Coinbase and Gemini were the first crypto exchanges to open accounts ...

JPMorgan CEO James Dimon earlier stated that he believed bitcoin deceit. At that the same time, the bank itself actively explores opportunities blockchain and in the past year introduced its own stablecoin for interbank settlements JPM Coin.