JPMorgan Extends Banking Services to Bitcoin Exchanges

Re:JPMorgan Extends Banking Services to Bitcoin Exchanges by LatteLazy on Wednesday May 13, 2020 @04:10AM (#23164677)

I generally welcome this but I feel bad for the boutique banks that were providing this service: now they've taken all the risk and proved it's profitable, JPM etc will swoop in and take the business.

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Re:JPMorgan Extends Banking Services to Bitcoin Exchanges by I_am_tiberius on Wednesday May 13, 2020 @05:20AM (#23165036)

They might even offer Exchange services on their own. They'll be easily able to migrate Gemini/Coinbase customers to their exchange then - I don't assume Gemini/Coinbase have added contract clauses in order to avoid this.

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Re:JPMorgan Extends Banking Services to Bitcoin Exchanges by vmception on Wednesday May 13, 2020 @02:13PM (#23169874)

its almost like they'll just be banks or something

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Re:JPMorgan Extends Banking Services to Bitcoin Exchanges by dd36 on Wednesday May 13, 2020 @09:44AM (#23166811)

Why would they switch? JPM isn’t going to prioritize them.

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Re:JPMorgan Extends Banking Services to Bitcoin Exchanges by LatteLazy on Wednesday May 13, 2020 @01:54PM (#23169602)

JPM will offer them 0.5% lower fees. They can do that because they have lower fixed costs. If you're an exchange, 0.5% increases your profit margin by 10%. Hard to say no to that.

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Re:JPMorgan Extends Banking Services to Bitcoin Exchanges by zerm778 on Wednesday May 13, 2020 @04:30AM (#23164793)

well, companies with monopoly have been doing this forever.

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