According to preliminary information, the bank itself is not engaged in cryptocurrency transactions or digital asset management. Instead, JPMorgan Chase is involved in the dollar transfers of crypto exchanges, meaning they conduct currency transactions through the Automated Clearing House (ACH). In other words, the bank takes over the work of conducting transactions with the dollars of the exchanges for their American clients.
Anonymous sources note that before entering into a deal between JPMorgan and the exchanges, the latter had to go through a thorough review by the bank's experts. And this is quite understandable, given the initially negative position of the management of a financial institution regarding the cryptocurrency industry.
I will remind, the head of JPM Jamie Dimon has criticized Bitcoin more than once. At one time, he even promised to fire any employee who gets in touch with cryptocurrencies. At the same time, he predicted the time of reckoning "for their stupidity" to all coin lovers.
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