Jamie Dimon of JP Morgan, the once bitter anti-crypto crusader who called Bitcoin a bubble, fraud and not worth his comments seems to have “seen the light.” JP Morgan is reportedly partnering with Bakkt to provide their tier 1 financial institutions clients with a platform from which they can access digital assets.
A report in the ICO Journal, citing “two staffers,” says JP Global Investment Bank has agreed to partner with Bakkt, cryptocurrency startup to handle cryptocurrency onboarding for the Wall Street giant beginning this November. According to the sources privy to inside information, Bakkt will create a digital currency trading platform from where the banks’ clients can buy cryptocurrencies via their ordinary account interface. The Journal stated:
“We spoke to two staffers at the firms’ global headquarters who have been working on the relationship between Bakkt and JP Morgan. Let’s just say they didn’t disappoint and their comments just may represent how every global investment bank is planning to engage with Bakkt.”
The ICO Journal has the habit of quoting anonymous sources for their breaking news stories. A case in mind is the Journal’s claim to have multiple sources at the Securities and Exchange Commission (SEC) who “revealed” to them there was a 99 percent chance that SEC will approve the Bitcoin ETF applications. We may have to wait until February next year to see whether this prediction comes true.
With Bakkt and J.P. Morgan, ICO Journal says the two institutions have a serious partnership that will mature this coming November when Bakkt will launch the crypto on-ramp. The crypto-on ramp is designed to accommodate both institutional and retail investors making it possible for any interested party to take part in cryptocurrency trading securely.
Bakkt, which is owned by Intercontinental Exchange (ICE) was launched this past summer is perhaps one of the hottest cryptocurrency news stories of the year: ICE is the parent company of the New York Stock Exchange. The startup is backed by several American Corporate titans including Starbucks and Microsoft.
It’s an open secret that there are billions of dollars from corporate institutions waiting on the sidelines to plunge into a safe and regulated world of cryptocurrencies. Bakkt has planned to cater for institutional investors, hedge funds and high net worth investors that have been waiting for such an opportunity.
The sources told ICO Journal further;
“Bakkt provides a clear and clean regulatory construct to engage with Bitcoin. No smoke and mirrors. No regulatory risk. No outsized legal risk. Our compliance and legal team have done a deep dive on Bakkt and our integration/execution protocols.”