US bank JP Morgan Chase accepts Bitcoin exchanges Coinbase and Gemini as clients
by Eric Martin 
Times are changing and the fact that the American bank JP Morgan Chase agrees to take the crypto exchanges Coinbase and Gemini as customers is a good indicator of this.
Remember, however, that JP Morgan CEO Jamie Dimon said publicly that Bitcoin is a fraud and that it even forbid its employees to buy Bitcoin under penalty of being fired!
Today, things have changed, we see a definite financial interest in the development of cryptocurrencies with companies like Coinbase or Gemini.
Of course, the Wall Street financial giant will only deal with fiat money transactions and not activity with digital currencies like Bitcoin.
It was the Wall Street Journal who announced the news, indicating that the bank JP Morgan has accepted two major crypto clients, Coinbase and Gemini, their accounts were approved last month by the American bank which is already processing their transactions.
The newspaper citing sources indicates that JP Morgan mainly offers cash management services to the two crypto exchanges, handling US dollar transactions for their clients based in the United States.
The bank will also process wire transfers, for deposits and withdrawals, for both exchanges.
Coinbase and Gemini who of course passed rigorous exams and controls before being accepted by JP Morgan Chase.
So this is great news for the crypto and blockchain sector but also for the banking world which will certainly open more to crypto startups who are still struggling to open a bank account in many countries!
This is an element that comes up often in our crypto interviews where many entrepreneurs sometimes indicate that they still do not have a bank account for their blockchain startup!
Banks that still prohibit their customers from making bank transfers to crypto exchanges like Binance or Kraken.
Credit card transactions to buy Bitcoin which are sometimes still declined by banks like Wells Fargo.
JP Morgan Bank will set an example for other banks to follow.
Like the fact that billionaire investor and hedger fund manager Paul Tudor Jones publicly declares investing in Bitcoin, will have the effect of seeing other investors become interested in the speculative asset that is Bitcoin BTC.
This news is therefore important indicators of the place that Bitcoin and cryptocurrencies are taking in the world.
The fact that major banks like JP Morgan Chase accept crypto startups validates the business model of the blockchain and crypto industry.
We will see in the near future if other banks also open up to crypto entrepreneurs.
