Two major U.S. cryptocurrency exchanges known for aggressively seeking regulatory approval, Coinbase and Gemini, have been accepted as JPMorgan Chase customers, breaking through an important glass ceiling in the financial industry.
Despite an overall blockbuster year for Fintech, there was a blockchain bust, with investment falling substantially in 2019, according to KPMG. Global private investment in blockchain and cryptocurrency dropped from $6.3 billion in 2018 to $4.7 billion last year.
The union of cryptocurrency and Wall Street is much like a Medieval arranged marriage: A little bit of wealth is at stake but everyone seems miserable and most people involved are in need of a bath. Few are as upset about the whole thing as those who are involved in crypto for ideological reasons—or, at least, those who say they are.
Facebook once again defended its Libra cryptocurrency, this time in front of a group of central bankers at a conference on the regulation of stablecoins held in Switzerland on September 16.