It has been reported by Abacus Journal that banking powerhouse JP Morgan is looking into upcoming crypto exchange Bakkt as a means to, potentially, get its feet wet in the crypt realm.
To be clear, JP Morgan has not officially decided anything. They have however stated that of the options out there for crypto trading and custodial services, Bakkt is the only one they are looking at seriously. The article quotes one JP Morgan trader, who sums it up pretty well:
“Bakkt is the only place we’d approach Bitcoin and the crypto space. Any and all other ‘set ups’ just don’t rise to the legal standard that is acceptable risk for us. Bakkt is the only place that passes that test. Whether we are there as soon as the door opens, or window shop for a few months, it is the only name we are considering in terms of client funds finding their way into crypto.”
In essence, JP Morgan feels Bakkt is the only place they can trust to handle cryptocurrency, should they decide they want to get involved in cryptocurrency. While not as exciting as an actual announced partnership, it does give an informal seal of approval to Bakkt, which should be launching later this year.
Hopefully in time JP Morgan will turn to Bakkt to purchase crypto, but until that day stick right here with Chepicap for all the latest news on institutions getting involved in the crypto realm!