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JPMorgan Mulls Over Bitcoin, Crypto Clearinghouse Options

JPMorgan Mulls Over Bitcoin, Crypto Clearinghouse Options
  • JPMorgan is looking forward to seeing Bitcoin and crypto trading clearinghouses.
  • However, JPMorgan believes that having a crypto clearinghouse will make it less risky when issuing crypto payments.

Financial services giant JPMorgan is mulling over Bitcoin and crypto trading clearinghouse options. The company believes that having a crypto clearinghouse will make it less risky to guarantee crypto payment.

According to Forbes, if middlemen act in digital asset trading, it will help bring additional enforcement and regulation when buying and selling cryptos. Also, doing this will add much more liquidity to the crypto market.

A senior executive from JPMorgan said,

We will fundamentally need a crypto clearinghouse to see that liquidity. Once that exits, banks will move their liquidity to it.

Also, the executive notably said that crypto brokers and exchanges must go away with their frequent liquidity issues that Robinhood experienced.

Recently, crypto trading app Robinhood was instructed to stop users from trading its meme-stocks such as GameStop. Reasonably, Robinhood ceased the GameStop trading due to cash flow problems.

Moreover, Revolution Populi chief executive Rob Rosenthal also said that banks that just begun trading Bitcoin and cryptos have no Clearinghouse.

More so, JPMorgan has shown a huge interest specifically in Bitcoin this year. Not only the Bitcoin asset, but the company’s interest is seen to grow every day even, in the entire digital asset marketplace.

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Collins Adane is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.