Apparently, Coinbase still has a banking arrangement with JPMorgan. According to a source with knowledge of the matter, the Winklevoss brothers’ cryptocurrency exchange Gemini and the world‘s largest bank, JPMorgan Chase (JPM), are discontinuing their banking arrangements.
Early in 2020, according to the Wall Street Journal, JPMorgan began working with Gemini and the U.S.-listed exchange Coinbase.
JPMorgan and Gemini
According to a spokesman for the San Francisco-based exchange, Coinbase’s banking arrangement with JPMorgan is still active.
The crypto sector is now subject to more regulatory scrutiny and has a harder time gaining access to financial services after being rocked by many scandals and crashes last year.
- Gemini and JPMorgan Chase (JPM), are discontinuing their banking arrangements.
- Gemini stated in a tweet, Gemini’s banking relationship with JPMorgan is intact.
- The exchange’s website states that the business has connections with more institutions.
JPMorgan chose not to respond. Requests for a response from Gemini, a trust corporation governed by the New York State Department of Financial Services, went unanswered.
However, Gemini stated in a tweet made following the publication of this article that “despite reporting to the contrary, Gemini’s banking relationship with JPMorgan is intact.”
Gemini is probably not left out in the cold figuratively speaking despite losing one significant banking partner.
The exchange’s website states that the business has connections with more institutions, including State Street. State Street did not reply to inquiries for comment either.
