[2020-05-12] Wutt? JPMorgan starts serving Coinbase & Gemini !!!

[hv_]

https://www.theblockcrypto.com/post/64906/jpmorgan-now-serves-crypto-exchanges-coinbase-and-gemini-first-clients-report

https://www.wsj.com/articles/jpmorgan-extends-banking-services-to-bitcoin-exchanges-11589281201


Guess no April joke ?

I m bamboozled a bit 

[Lucius]

Interesting news, especially if it is true - since it has not yet been confirmed by either party. With the information from the first link, some things become a little clearer, because those who have analyzed this move a little do not see that JPMorgan has any direct financial benefits (via "fees associated with processing wire and ACH payments"). But the catch is perhaps hiding in JPM coin which may be listed on those exchanges or some future IPO.

Personally, I'm not surprised that banks are showing interest in crypto, because after all, profit is profit no matter where it comes from (and we know that banks work a lot in the gray zone  - HSBC for example.) Some might look at this a little weird from the point of view of the Jamie Dimon - CEO of JPM story who say Bitcoin is a fraud. Today he obviously thinks differently, which is proof that some are not persistently stubborn about certain things.

[Betwrong]

I'm wondering how can it be not true? After all it was written in the Wall Street Journal, not in some shady tabloid. Yes it can be Right-Center biased a bit, so some of its conclusions should be taken with a grain of salt, but I've never heard of their inaccuracy regarding facts. If it doesn't check out, I'll be very surprised.

For now only Forbes online seemingly confirms it:

https://www.forbes.com/sites/colinharper/2020/05/12/jp-morgan-opens-accounts-for-bitcoin-exchanges--coinbase-and-gemini-up-first/#1683f5ed4026

But let's wait a few hours more.

[cr1776]

I'm wondering how can it be not true? After all it was written in the Wall Street Journal, not in some shady tabloid. Yes it can be Right-Center biased a bit, so some of its conclusions should be taken with a grain of salt, but I've never heard of their inaccuracy regarding facts. If it doesn't check out, I'll be very surprised.

For now only Forbes online seemingly confirms it:

https://www.forbes.com/sites/colinharper/2020/05/12/jp-morgan-opens-accounts-for-bitcoin-exchanges--coinbase-and-gemini-up-first/#1683f5ed4026

But let's wait a few hours more.

I still haven't seen any confirmation or denial yet regarding the JPM bitcoin stuff, so I'd think that in all likelihood it is true.  Often companies are much more likely to deny false information vs confirm true info.

Regarding the news section of the WSJ, it is quite left-center biased, but you are correct, some of the conclusions should be taken with a few grains of salt.  Often, but not always, the news section is pretty fact based although the news section has ignored facts that have been presented and documented elsewhere in the WSJ.

[squatter]

For now only Forbes online seemingly confirms it:

https://www.forbes.com/sites/colinharper/2020/05/12/jp-morgan-opens-accounts-for-bitcoin-exchanges--coinbase-and-gemini-up-first/#1683f5ed4026

That's not actually Forbes, just someone on its contributor network. He is also just citing the same Wall Street Journal story in the OP.

I don't see any reason not to believe it, though. The WSJ isn't exactly known for fake news. Bitcoin is obviously gaining legitimacy as an investment asset, and Coinbase and Gemini are also very compliance minded, with licenses in every state they operate where it's required. It wouldn't be a surprise to see big banks working with them.

Less savory Bitcoin companies probably shouldn't anticipate the same caliber of banking relationships anytime soon.

[Darker45]

I find no fuss in this. First and foremost, because JPMorgan is after clients, especially big ones. Coinbase and Gemini are all making the business better. Plus, with the undeniable growth of Bitcoin, JPMorgan may be able to leverage on it and make juicier deals in the future. Second, JPMorgan's billionaire Jamie Dimon has already showed that he's turned over a new leaf regarding crypto. It must no longer be a fraud to him.

Bitcoin is now starting to occupy Wall Street! Interesting times. These institutions are now bending lest they break.

[hv_]

Funny, mods moved that out of the press section... ?

[Lucius]

Funny, mods moved that out of the press section... ?

Press board should be only for news closely related to Bitcoin, some explanations are given in Guidelines for Press board. This news actually has no direct connection to Bitcoin, but to one bank and two crypto exchanges, so it is quite logical that it has been moved to the Exchange board.