JPMorgan Is Now Banking for Bitcoin Exchanges Coinbase, Gemini

JPMorgan Chase & Co. agreed to take on two Bitcoin exchanges as banking clients in a move that shows the company getting more comfortable with an industry its top leader once spurned.

The firm added Coinbase Inc. and Gemini Trust Co. as banking customers in its corporate and investment bank in April, and will primarily be helping the virtual exchanges manage cash in the U.S., according to a person with knowledge of the matter. JPMorgan won’t be handling any cryptocurrency transactions, said the person, who asked not to be identified because the information is private.