- This was reported by the media, citing an insider statement.
- Gemini says deal still stands
- Users’ concerns about the stability of the exchange are growing rapidly
Wall Street financial giant JPMorgan Chase is terminating its partnership with cryptocurrency exchange Gemini. About it informs WSJ magazine, citing its source in the bank.
JPMorgan partnered with Gemini and Coinbase in early 2020. But now, apparently, the bank is trying to distance itself from the troubled partner.
Recall, Gemini is preparing a lawsuit against Genesis. The exchange took a hit after the bankruptcy of the lander, and she had to cut part of the staff. It looks like JPMorgan doesn’t want to sink with a troubled client.
As for Coinbase, the exchange was quick to reassure traders by saying the partnership with JPMorgan is still in place. Severing an exchange’s relationship with a banking service provider can undermine user confidence.
But, what is most interesting, the situation commented in Gemini. Last night, March 8, the company’s Twitter page responded to a post in the WSJ:
“Contrary to rumours, Gemini’s partnership with JPMorgan is still in place.”
The bank’s appeal to clarify the situation was left unanswered. However, this is not the only financial partner of Gemini. The exchange also cooperates, for example, with State Street. However, breaking agreements with JPMorgan will definitely hit the reputation of the site in the eyes of the audience.
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