The Wall Street Journal reported that JPMorgan, the company of Jamie Dimon, would be in the process of studying the business opportunities on the market of the Bitcoin, in anticipation of the deployment of CME by the end of the year. The group plans to offer its customers access to the new product Bitcoin by CME through its unit-based brokerage term.
According to the Wall Street Journal, this could mean that the bank’s customers would consider using this digital currency to speculate on the rise or fall of Bitcoin. In addition, JPMorgan provides for a fee for the use of these services.
JPMorgan seems to be in favor of the use of Bitcoin
By developing these services, the bank would create a new market within the market of CME, a futures contract between the crypto-currency and its users. In effect, Mr. Dimon would not be fully involved in the market of the Bitcoin, but rather act as an intermediary between buyers and sellers.
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As noted by the journal, the group already manages the customer transactions of Bitcoin XBT, a technology designed to track the value of the digital currency. The bank stated that it was not taking position in this market.
A market CME introducing the Bitcoin
The company’s mission is to assess the evolution of the application. The launch of CME does not mean that the group will position themselves on the market of Bitcoin. Since always, Mr. Dimon was against the use of this crypto-currency. It considers this technology as a fraud. The surprising development of the Bitcoin this year has surely changed his mind.
A market CME has today the chance to introduce the Bitcoin in the mainstream finance institutions. A real step forward for this sector. This announcement will no doubt have an impact on the price development of Bitcoin, especially at this end of the week.
Source : NewsBitcoin