Skip to content

According to a manager at Binance, JPMorgan’s support for crypto companies has “changed the perspective”.

May 20, 2020

“We are finally realizing that cryptocurrencies are just another chance in our financial future, rather than seeing them as a mismatch or unacceptable type of industry.” says Catherine Coley, CEO of Binance.US.

In an interview with Cointelegraph, Coley replied to the news that JPMorgan Chase, the largest bank in the U.S., had accepted Coinbase and Gemini crypto exchanges as customers.

“”I take that as a very positive sign. We saw specialized banks before we started to target cryptocurrencies because traditional banks didn’t take them seriously, ”said Coley.

According to a manager at Binance, JPMorgan’s support for crypto companies has “changed the perspective”.
According to a manager at Binance, JPMorgan’s support for crypto companies has “changed the perspective”.

This led to the growth of certain banks that supported cryptocurrencies or crypto markets as “specialized companies”. Some of them gained considerable momentum, as did the crypto-focused commercial bank Silvergate, which saw strong growth in the first quarter of this year and went public last autumn. Coley said:

“I think it was a strong signal that cryptocurrency companies really have traditional revenue models. They are consistent companies that involve real assets and real customers with real business models.”

JPMorgan now sees Coinbase colleagues as “just another company,” said Coley. He believes that this is an “extremely positive” development.

Focus on Jamie Dimon

Before announcing the bank, JPMorgan President and CEO, Jamie Dimon had established himself as one of the most determined critics of cryptocurrencies. They claimed Bitcoin was little more than a speculative bubble, “worse than tulip bulbs,” and predicted that its story “would not end well.”

“It’s unfortunate for Dimon that it was so public,” said Coley, “but that’s how everyone started with Bitcoin. You know, unbelief, confusion, education, understanding, acceptance … obsession.”

While there are still no clear signs that Dimon’s ceasefire has become an obsession with the currency, Coley emphasized that the bank’s position should not be overlooked. The number of stakeholders that a large support bank like JPMorgan takes into account when making decisions is “huge”, he noted:

See how things have changed! It is interesting to see the development of his posture in real time. This phase of acceptance that we are in now will lead to broader acceptance and more general opportunities. The previous skepticism saw us as a trustworthy company. “