JPMorgan Opens Up to Bitcoin Exchanges
(11 May 2020 – United States) JPMorgan have taken on two Bitcoin exchanges in Coinbase and Gemini Trust as new banking clients in an attempt to gain new business in an ‘untapped’ market.
Prior to onboarding these clients , JPMorgan conducted due diligence on the two virtual exchanges in order to ensure that they were aligned with all the regulations and compliances issues involving Bitcoin. Importantly, both Coinbase and Gemini Trust have been regulated and registered as money transmitters with the Financial Crimes Enforcement Network.
“The bank has turned to crypto to help speed up corporate payments through a token dubbed JPM Coin based on blockchain technology” stated JPMorgan CEO Jamie Dimon.
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