JPMorgan Chase & Co. has reportedly started to accept clients from the cryptocurrency industry. The Wall Street Journal reported on Tuesday that two prominent bitcoin exchanges, Coinbase Inc. and Gemini Trust Co., have become banking customers of JPMorgan Chase, citing people familiar with the matter.
The two bitcoin exchanges’ accounts were approved in April and transactions are just starting to be processed, the publication added. JPMorgan Chase is mainly providing cash-management services to the exchanges. It is handling dollar-based transactions for their U.S.-based customers, including processing deposits and withdrawals, through the Automated Clearing House network, and wire transfers.