We have known that bitcoin is still not seen as real money and that people still have the opinion that it is a “scam”. Now, we have seen that JPMorgan which is one of the largest banks in the world has also told that they think bitcoin is a scam.
However, we know that there is a difference in thinking of everyone and opinions change over time. This is seen on the part of JPMorgan as well because we now have a new report regarding the major bank. It is reported that JPMorgan has now accepted two of the biggest cryptocurrency exchanges, Coinbase and Gemini Trust, as their customers.
This is also the first time that JPMorgan has accepted anyone from the cryptocurrency industry because the bank was against cryptocurrency before this development.
The report also mentions that this is a sign of “Wall Street becoming more comfortable with the business of cryptocurrencies”. People familiar with the matter have also told WSJ that the banks approved these accounts in April and their transactions are now starting to get processed.
As per the report, “The bank is primarily providing cash-management services to the firms and handling dollar-based transactions for the exchanges’ U.S.-based customers”. And it is also added that JPMorgan will “process wire transfers, and deposits and withdrawals through the Automated Clearing House network, an electronic funds-transfer system”
However, it was still not easy for both Coinbase and Gemini to get approved inside JP Morgan as people familiar with the matter said that the cryptocurrency exchanges still had to go through the toughest of vetting processes that customers have to go through.
On the other hand, this is also a sign that Wall Street is now looking at cryptocurrency in a positive manner which was overlooked all this while and written off as a scam.