JPM Bank changes tone and opens for crypto exchanges

[avikz]

As Forbes reported on 12 May, JPM Chase agreed to provide banking services to Coinbase and Gemini. Apparently, this should have been a very normal incident but, when Jemie Dimon is the CEO of JMP Chase, it makes the news extra ordinary.

Puritans may think otherwise but I see it as a win for crypto community. A good one to cherish for,

News source: https://www.forbes.com/sites/colinharper/2020/05/12/jp-morgan-opens-accounts-for-bitcoin-exchanges--coinbase-and-gemini-up-first/#6c9fa1964026

[1713515256]

1713515256

[shafi alam]

It's funny,  because jpm Once mention bitcoin as a scam,  they find out nothing but people's madness.     

[Twentyonepaylots]

It's funny,  because jpm Once mention bitcoin as a scam,  they find out nothing but people's madness.     

Yeah, too ironic right? I still remember when he dropped the word "fraud" against bitcoin after it crashed months after it reaches its all time high. Adding that bitcoin won't end well, now look and see what these people are talking years ago with bitcoin, they are now into it. Anyways I'm glad that they already shaken their heads and decided to extend their services covering the cryptocurrencies, they basically needed what they hated right now.

[crwth]

Oh, what I remember is this one.

https://cointelegraph.com/news/jpmorgan-ceo-jamie-dimon-returns-to-bitcoin-bashing-calls-cryptocurrency-a-scam

Maybe the situation right now is dire that the CEO has thought of this as the future of banking. It's not bad to change their minds this late but make sure that they are here to stay and not just pump and dump this.

[BrewMaster]

Maybe the situation right now is dire that the CEO has thought of this as the future of banking. It's not bad to change their minds this late but make sure that they are here to stay and not just pump and dump this.

i don't think so. they just want to solidify their position into this market even more. if i recall back when their idiot CEO called bitcoin "fraud" about a week later when the dip happened we found out that they had some hands in buying a ton of bitcoin.

[HeRetiK]

Puritans may think otherwise but I see it as a win for crypto community. A good one to cherish for,

Yeah, I got mixed feelings about this one.

Short to mid-term Bitcoin will definitely profit from this development, but long term that's going to be yet another snake to worry about. They'll do whatever is going to make the most profits and eventually this will conflict with the values of the Bitcoin community.

[7788bitcoin]

As Forbes reported on 12 May, JPM Chase agreed to provide banking services to Coinbase and Gemini. Apparently, this should have been a very normal incident but, when Jemie Dimon is the CEO of JMP Chase, it makes the news extra ordinary.

The reason might be purely business as the amount of money they are making is really huge and as a banker they wanted to take advantage of the situation and provide the service because of the profit both these companies are making. As per the reports Coinbase made a profit of over $146 million USD last year and that is the case with Gemini with over $100 million. Jemie is a shit head and a manipulator, avoid that plague.

[iRaMMuS34]

Oh, the irony! JPM hopped onto the train that's going to wreck it

[figmentofmyass]

Yeah, I got mixed feelings about this one.

Short to mid-term Bitcoin will definitely profit from this development, but long term that's going to be yet another snake to worry about. They'll do whatever is going to make the most profits and eventually this will conflict with the values of the Bitcoin community.

i suppose the same could be said for bakkt (the ICE) or CME, and the rest of wall street too. we know they are coming though. it's inevitable.

in this case, they are just processing customer bank deposits/withdrawals and handling cash for exchanges, something smaller banks have happily been doing for years. it's just a sign that licensed bitcoin exchanges have achieved a certain level of business legitimacy, whereas previously they were treated by the big banks as high risk.

it's still a far cry from JPM touching cryptocurrency transactions or custody or anything like that. tbh it seems like a nothingburger to me.

[vapourminer]

it's still a far cry from JPM touching cryptocurrency transactions or custody or anything like that. tbh it seems like a nothingburger to me.

from that article:
https://www.forbes.com/sites/colinharper/2020/05/12/jp-morgan-opens-accounts-for-bitcoin-exchanges--coinbase-and-gemini-up-first/#e46b32140269

I would expect that there are other associated benefits to JPM from any associated banking services, additional collaboration with both of those firms, potential for winning any future IPO or another angle such as JPM coin being offered on either of those platforms."

(For context, JPM announced it was incubating its own stablecoin at the beginning of last year).

bold is mine but not the italics.

jpmcoin. stable.

lulz

[bbc.reporter]

As Forbes reported on 12 May, JPM Chase agreed to provide banking services to Coinbase and Gemini. Apparently, this should have been a very normal incident but, when Jemie Dimon is the CEO of JMP Chase, it makes the news extra ordinary.

Puritans may think otherwise but I see it as a win for crypto community. A good one to cherish for,

News source: https://www.forbes.com/sites/colinharper/2020/05/12/jp-morgan-opens-accounts-for-bitcoin-exchanges--coinbase-and-gemini-up-first/#6c9fa1964026

I can see that it might be a trojan horse by the banks. They are not entering the cryptospace to cooperate. The big banks want to run everything and become the final gatekeepers similar to what the SEC has also begun to do.

[mk4]

Their CEO Jamie Dimon can talk crap about anything and it still wouldn't change 100% of the business decisions of JP Morgan. In the first place, JP Morgan is a business. Hence, it's safe to assume that what matters most to them is making money. They're going to street towards almost anything regardless what they say in the past as long as they can make money off it.

[Juggy777]

As Forbes reported on 12 May, JPM Chase agreed to provide banking services to Coinbase and Gemini. Apparently, this should have been a very normal incident but, when Jemie Dimon is the CEO of JMP Chase, it makes the news extra ordinary.

Puritans may think otherwise but I see it as a win for crypto community. A good one to cherish for,

News source: https://www.forbes.com/sites/colinharper/2020/05/12/jp-morgan-opens-accounts-for-bitcoin-exchanges--coinbase-and-gemini-up-first/#6c9fa1964026

@avikz I remember this very well that he was heavily trolled for his negative comments on bitcoins, but then again I also remember that he later backtracked from his statements, and said that he regretted calling bitcoin a scam which proved that he finally understood the power of bitcoin, and realised the mistake he had made.

it's still a far cry from JPM touching cryptocurrency transactions or custody or anything like that. tbh it seems like a nothingburger to me.

from that article:
https://www.forbes.com/sites/colinharper/2020/05/12/jp-morgan-opens-accounts-for-bitcoin-exchanges--coinbase-and-gemini-up-first/#e46b32140269

I would expect that there are other associated benefits to JPM from any associated banking services, additional collaboration with both of those firms, potential for winning any future IPO or another angle such as JPM coin being offered on either of those platforms."

(For context, JPM announced it was incubating its own stablecoin at the beginning of last year).

bold is mine but not the italics.

jpmcoin. stable.

lulz

@vapourminer in a Forbes article last year it was clarified that the JPM coin is not a stable coin or a crypto coin, hence this deal could be because of a IPO that Coinbase is planning, but as of now there’s not much information available publicly about this IPO.

Each JPM Coin is redeemable for one U.S. dollar which means that it is not as volatile as cryptocurrencies such as bitcoin and is similar to what is referred to as a stablecoin - which JP Morgan has made clear its coin is not.

Sources:

https://www.cnbc.com/2018/01/09/jamie-dimon-says-he-regrets-calling-bitcoin-a-fraud.html

https://www.forbes.com/sites/madhvimavadiya/2019/02/17/jp-morgans-cryptocurrency-jpm-coin-is-not-a-cryptocurrency/#1972921f21d1

[pooya87]

what Gandhi said seems to be more and more correct about bitcoin since we are moving in each of these steps: First they ignore you, then they laugh at you, then they fight you, then you win.
first they didn't care about bitcoin, then it was downplayed as something for the nerds only, then it was fraud and criminal money, and now they are starting to stick themselves to bitcoin one way or another.

i expect that this last transition phase would include a lot of gov-coins and bank-coins and similar shitcoins in it that would come along and make a lot of noise for a while before disappearing as they have a fundamental flaw: they are centralized.

[sunsilk]

It's funny,  because jpm Once mention bitcoin as a scam,  they find out nothing but people's madness.     

It's their technique so that they can accumulate silently. After he told that statement before, he already countered it back. It's already bold that Jamie Dimon is a bitcoin investor but he just want to keep it hidden although the obviousness is there.

When I have heard of this news, I watched several Youtube videos for this very same content and the people on the comments were telling that before they've accused bitcoin only for criminals and now, they've joined the craze.

[buwaytress]

It's newsworthy, but no need to call out Dimon over and over I think. Yes, he said all those things about Bitcoin back in 2017. But yes, his own bank invested and he said last year he regretted what he said. He's a bad guy, yes, but he's a big banker, paid himself millions and moaned about taking millions in pay cut. But he's gotta do what he's gotta do.

Besides, as one of their other crypto clients said, they had crypto in their accounts in 2017. No longer a big deal, just that exchanges will be their biggest accounts.

[gentlemand]

I can see that it might be a trojan horse by the banks. They are not entering the cryptospace to cooperate. The big banks want to run everything and become the final gatekeepers similar to what the SEC has also begun to do.

Or it could go the other way. In their attempts to 'control' Bitcoin, and I don't think they care enough but hey, the smoother the on and off ramps they enable are the more people cross over into crypto and don't come back.

If people earn in it and there are enough places to spend it returning to fiat becomes a bit pointless. If I had something for sale now I'd much rather take BTC for it. I'd happily spend that BTC elsewhere if I could.

Controlling banking now seems like an all powerful move. In retrospect it may look like a period where they helpfully provided a stepping stone to leap beyond them. Then it reverses and banking becomes something you occasionally need to dabble in for olde worlde transactions.

[dothebeats]

Head honchos of the said bank are hypocrites to say the least, but at least they know where the money currently is and they are doing what a normal and smart banker would do: bank on the current trend and ride the waves until it's profitable. Short-term this could bring a lot more people into the game, prompting most people to question why would an established bank fiddle with something inconsistent and volatile that are cryptocurrencies.

Dimon is not really an upstanding dude tbh, but at least he knows how to do business, I would give him that.

[kryptqnick]

As Forbes reported on 12 May, JPM Chase agreed to provide banking services to Coinbase and Gemini. Apparently, this should have been a very normal incident but, when Jemie Dimon is the CEO of JMP Chase, it makes the news extra ordinary.

Puritans may think otherwise but I see it as a win for crypto community. A good one to cherish for,

News source: https://www.forbes.com/sites/colinharper/2020/05/12/jp-morgan-opens-accounts-for-bitcoin-exchanges--coinbase-and-gemini-up-first/#6c9fa1964026

I have great antipathy for JPM, so my feelings are mixed. On one hand, it looks like they are admitting the mistake of despising Bitcoin. On the other hand, while claiming that they are against cryptos because they make money laundering easy, it's a ship belonging to JPM Chase that got busted with a ton of drugs (see here), and it's institutions like this which are to be blamed for 2008-th global economic crisis, but at the same time it survived on the money of those who suffered and remains very rich. It just seems ideologically wrong to go into partnership with such a spoiled and anti-Bitcoin company.

[Wind_FURY]

But it was just more than two years ago? Hahaha.

As Forbes reported on 12 May, JPM Chase agreed to provide banking services to Coinbase and Gemini. Apparently, this should have been a very normal incident but, when Jemie Dimon is the CEO of JMP Chase, it makes the news extra ordinary.

Puritans may think otherwise but I see it as a win for crypto community. A good one to cherish for,

News source: https://www.forbes.com/sites/colinharper/2020/05/12/jp-morgan-opens-accounts-for-bitcoin-exchanges--coinbase-and-gemini-up-first/#6c9fa1964026

I have great antipathy for JPM, so my feelings are mixed. On one hand, it looks like they are admitting the mistake of despising Bitcoin. On the other hand, while claiming that they are against cryptos because they make money laundering easy, it's a ship belonging to JPM Chase that got busted with a ton of drugs (see here), and it's institutions like this which are to be blamed for 2008-th global economic crisis, but at the same time it survived on the money of those who suffered and remains very rich. It just seems ideologically wrong to go into partnership with such a spoiled and anti-Bitcoin company.

Their only "mistake" that they truly know is missing out on the 2015 buyer's opportunity, but they will never admit that.