Bitcoin (BTC) Reaches Price Milestone after Three Years of Waiting
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JPMorgan, the arguably largest bank in the United States has recently sealed a deal with leading Bitcoin (BTC) trading platforms, Coinbase and Gemini exchange.

Per the agreement in the partnership as reported by Forbes on 12th May 2020, JPMorgan will start offering the two cryptocurrency exchange banking services.

Bitcoin (BTC) Garnering Much-Needed Attention

This is a good call for Bitcoin (BTC) and the cryptocurrency industry as a whole. At a time when the world’s economy is faced with the menace of coronavirus pandemic, Bitcoin has proven itself to some extent as a safe haven.

This is possibly attracting the presence of the world’s most notable investors, such as the JPMorgan’s recently sealed deal with Coinbase and Gemini, which indicates that the giant bank is now ready to leverage cryptocurrency utilities.

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According to the report, the new relationship between JPMorgan and the two exchanges will enable their users to access all important banking services offered by the bank, such as deposit, withdrawal, and transfers with Automated Clearing House (ACH) infrastructure.

Bitcoin (BTC) and Crypto’s Global Adoption Still on Track

Although a number of notable banks across the world had once offered their services to cryptocurrency exchanges. But the recent interest showcased by JPMorgan, resulting in a partnership with two notable crypto exchanges could serve as a catalyst to motivate other big banks and financial institutions to join the Bitcoin (BTC) movement.

Reacting to the new development, an anonymous banker reportedly said:

“It’s big news in my opinion. There is little business in fees associated with processing wire and ACH transactions, I think JPM will derive other benefits from its collaboration with both exchanges, potential for winning any future IPO or another angle such as JPM coin getting listed on either of those platforms.”

The price of Bitcoin in the market has managed to break above $9,000 resistance level. At the time of filing this report, BTC is trading at $9,005.49, with a relatively 3% price upsurge in the last 24 hours.

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Solomon Odunayo

By Solomon Odunayo

Solomon Odunayo is an accomplished blockchain and cryptocurrency expert at Herald Sheets, known for his in-depth analysis and engaging articles that cater to both beginners and experienced readers. With a degree in Computer Science from the University of Lagos, Solomon leverages his technical background and keen understanding of the crypto space to provide readers with valuable insights and up-to-date news. His passion for innovation and commitment to staying current with industry developments make him a trusted voice in the digital currency community.