Tyler Winklevoss, co-founder of crypto exchange Gemini, accused JPMorgan of freezing the onboarding process of his company following his critical comments about the bank.
Winklevoss's Criticism of JPMorgan and Consequences for Gemini
On July 19, Tyler Winklevoss expressed his frustration over JPMorgan's new policy to charge fintech companies for access to user data. He stated that this would seriously disrupt fintech operations that assist users in linking their bank accounts to platforms like Gemini. Winklevoss mentioned his criticism on X, noting that 'we will not remain silent' and 'will continue to fight against this anti-competitive behavior.'
History of the Conflict Between JPMorgan and Gemini
The conflict between JPMorgan and Gemini has a long history. The bank previously rejected working with Gemini, deeming the company unprofitable. Winklevoss pointed out that this issue has resurfaced after his public criticism of the bank, suggesting that JPMorgan remains antagonistic toward crypto firms.
Potential JPMorgan Plans for Crypto Lending
Despite the criticism, JPMorgan appears to be preparing to introduce crypto-backed lending services. The bank plans to offer loans secured by bitcoin and ether. This could represent a significant step for banks that have not previously offered such services. Jamie Dimon's public stance has also softened, with recent statements reflecting a less critical view of crypto assets.
The escalating conflict between Tyler Winklevoss and JPMorgan highlights the complex relationship between the traditional banking sector and the crypto industry. As regulatory landscapes evolve and political sentiments change in Washington, the future of crypto-focused financial products from major banks remains uncertain.
