Much like cryptocurrency’s fluctuation in value, the status of digital assets in the financial services landscape has long been volatile.
Some banks, fearing digital assets’ potential to be linked to money laundering and nefarious financing, have remained wary of entering the space. Others, taking notice of crypto’s rising popularity, have cautiously evolved their approach.
JPMorgan Chase CEO Jamie Dimon in 2017 famously called Bitcoin “a fraud” and asserted he would fire “in a second” anyone at his bank found to be trading in that currency. Three years later, however, the company began extending its banking services to crypto exchanges Coinbase and Gemini.
