Big Banks Dive into Crypto: What's the Deal?

JPMorgan Chase, a major player in the banking world, is looking into crypto trading for big clients. This is a big step for a traditional bank. They are checking out different crypto products and services. The plan is still secret, but it might include trading crypto directly and using crypto derivatives. This move comes as more clients show interest in crypto. The US government has also been friendlier to crypto lately. They passed a new law about stablecoins, which are a type of crypto. But JPMorgan has had some trouble with crypto in the past. The CEO, Jamie Dimon, used to say bad things about Bitcoin. He thought it was only for criminals. But now, he likes stablecoins and blockchain technology.JPMorgan is not the only bank getting into crypto. A French bank, BPCE, is also planning to offer crypto trading. Another big bank, BNY Mellon, has already started a fund for stablecoin issuers. This is all happening because of new rules. The GENIUS Act says stablecoin issuers need to have reserves. So, BNY Mellon's fund is a response to that. It's interesting to see big banks getting into crypto. It shows that crypto is becoming more mainstream. But it's also important to remember that banks have been slow to adopt crypto in the past. So, it will be interesting to see how this plays out.