JPMorgan extends an olive branch to the crypto world

JPMorgan, a major Wall Street bank, made a huge U-turn when it comes to its stance towards the crypto industry. Originally a Bitcoin-skeptical bank, JPMorgan launched its own cryptocurrency some time ago, and now, it made yet another pro-crypto move.

JPMorgan now officially offers services to Gemini and Coinbase

The new move saw the bank officially offer its services to two different crypto exchanges — Gemini and Coinbase.

However, the bank is taking one step at a time, and new reports indicate that it will only process fiat transactions for the exchanges. In other words, it is still not working with actual cryptocurrencies.

Even so, small steps like these still represent major progress, and the fact that the bank is opening up to Bitcoin is very significant. In fact, this might bring a new level of legitimacy to the world’s largest coin, and attract new investors.

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The mentioned report came from the Wall Street Journal. The report was quite a shock for the crypto community, albeit a positive one. It revealed that both of the exchanges went through what it calls ‘rigorous vetting’ by JPMorgan. It appears that the bank found them worthy, and the relationship seems to have been made solid at some point last month.

This move did not only show that JPMorgan is interested in crypto, but it also represents the first example of the bank’s involvement with crypto exchanges.

Once again, the bank will not actually work with any cryptocurrency at this time. However, that still might come in due time, and the very fact that it is prepared to give crypto businesses a chance is a big deal.

A new chapter for the opposing sides of the financial industry

The bank will mostly focus on cash management services, meaning that it will manage USD-based transactions for the exchanges. This is a big thing for the exchanges, as well, as it is usually quite difficult for crypto-based companies to enter into relationships with banks.

Of course, that is the situation from the historical standpoint. With this move, everything is likely to change for the crypto industry around the world. After all, JPMorgan’s CEO, Jamie Dimon, was one of the harshest Bitcoin critics. Now, the bank is seemingly changing its stance, which could mean that it extends an olive branch to other crypto firms, as well.

The timing of the move is also significant, as Bitcoin’s third halving just took place less than 48 hours ago.