The financial services giant and bank JPMorgan Chase & Co have seemingly reversed on a long-held stance, that crypto is bad, by beginning to service U.S. cryptoasset exchanges Gemini and Coinbase.
JPMorgan’s apparent reversal comes after years of institutionalized disdain for crypto, with the bank’s CEO Jamie Dimon being a vociferous critic circa 2017. According to Bloomberg, JPMorgan had been conducting due diligence on the exchanges “for months” before making the move. The bank’s adoption of crypto signals what can only be a highly regulated crypto-fiat landscape.
During 2019, JPMorgan had in fact started to visibly thaw on the subject of crypto, even experimenting with their own distributed ledger tech in the form of the so-called “JPM Coin”.
Dimon displayed during an interview his awareness of the competition posed by crypto, directing his people to assume that crypto and/or Fintech was “coming […] to eat your lunch.” Despite this, he was bearish on the prospect of Facebook’s Libra project succeeding or even launching, saying in October 2019 that it would “never happen”.
PMorgan’s publically traded stock has fallen recently, retreating from all-time-highs set in December 2019 in February, even before the coronavirus pandemic started to wreck the markets in March. It is down about 37% from those highs, trading now at about $87.
By: Colin Muller
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