Coinbase and Gemini were the first of the cryptocurrency exchanges to open accounts at JPMorgan Chase
The American financial holding JPMorgan Chase has accepted the Coinbase and Gemini cryptocurrency exchanges among its customers. About it writes The Wall Street Journal, citing sources familiar with the situation.
According to them, the opening of accounts was approved in April, but transactions on them began to take place only now. The services provided to exchanges primarily consist in managing cash transactions and processing transactions of their American customers. Bank transfers and deposit / withdrawal operations will be carried out through the Automated Clearing House, which ensures the processing of cashless payments within one day.
According to WSJ, JPMorgan will not work with bitcoin, but has shown interest in working with companies from the cryptocurrency space. Coinbase and Gemini had to go through a lengthy approval process to get JPMorgan approval.
“What sets these exchanges apart from others is the extent to which they have become regulated institutions,” says WSJ. “The fact that both exchanges are regulated by numerous departments played a huge role in the process.”
Gemini received approval from the New York State Department of Financial Services in 2015. Coinbase is registered as a money transfer service provider on the U.S. Financial Crimes Network. Both companies also have licenses for processing money transfers in various states.
JPMorgan CEO James Dimon previously stated that he considers Bitcoin a hoax. At the same time, the bank itself is actively exploring the possibilities of the blockchain and last year introduced its own stablecoin for interbank payments JPM Coin.