JPMorgan Servicing Crypto Firms Opens a New Frontier

As the largest of the “Big Four” banks in the United States, JPMorgan Chase is an unexpected ally for digital asset service providers aiming to bridge the gap between traditional finance and the world of cryptocurrency. News surfaced on May 12 revealing that the bank had been servicing U.S.-based crypto exchanges Coinbase and Gemini since April. This development has led some experts in digital finance to believe that a thawing relationship may be on the horizon.

Despite CEO Jamie Dimon’s ongoing criticism of cryptocurrencies as a viable financial instrument, JPMorgan has shown an openness toward blockchain technology. The bank has notably created proprietary tools based on decentralized ledger technology for international settlements. With this newfound acceptance of crypto-related businesses, it raises the question: are traditional financial institutions experiencing a significant change in their views of the digital finance landscape?