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.
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.