Gemini & Coinbase team up with JP Morgan Chase in a surprising collaboration

• JP Morgan Chase has, according to reports, taken on the United States crypto platforms Gemini and Coinbase as customers.
• A report came out earlier this week that referenced sources in relation to the matter who highlighted that the move is the first time the banking institution has been involved or served customers from the crypto space.

One of the biggest banks in the United States, JP Morgan Chase has, according to reports, taken on the United States crypto platforms Gemini and Coinbase as customers.

A report came out earlier this week on the 12th of May that referenced sources in relation to the matter who highlighted that the move is the first time the banking institution has been involved or served customers from the crypto space. Both of the platform's accounts were accepted in April with transactions now being processed.

Now whereas the banking giant is not processing bitcoin or any other crypto transactions on behalf of the two platforms, they are providing a cash management service and handling dollar transactions for their clients based in the United States. On top of this, the bank will allegedly process or wire transactions and dollar deposits and withdrawals through an automated clearing house network.

According to the report, both of the platforms have been asked to go through a thorough vetting process. It is well known that the company and its Chief Executive Officer, Jamie Dimon has a somewhat negative approach to cryptocurrency and the industry as a whole. So it is unsurprising that the two exchanges need to go through some extensive background checks. So it may come as a surprise to many of you to hear that the banking institution has teamed up with two of the biggest platforms in the cryptocurrency space.

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!