Banking giant JP Morgan now serves cryptocurrency exchanges, the Wall Street Journal reports citing a source familiar with the matter.
It is reported that first crypto-related JPMorgan's customers are the American popular crypto exchanges Coinbase and Gemini. Applications from the exchanges were approved last month and now the financial institute has begun to process transactions.
JPMorgan is reportedly providing cryptocurrency payment and cash management services. The financial institute will process bank transfers, as well as deposit and withdraw funds through a network of automated clearing houses.
Last year, at least 80 Japanese banks have shown interest to join JPMorgan's blockchain network called Interbank Information Network.
iHodl also reported that the US-based regulated cryptocurrency exchange Gemini completed another security audit, which covers the financial operations and customer reporting controls of the exchange and Gemini Custody.
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