"We're finally recognizing that crypto is just another opportunity in our financial future, rather than seeing it as a kind of misfit or unacceptable blazon of industry," says Catherine Coley, CEO of Binance.US.

In an interview with Cointelegraph, Coley responded to news that JPMorgan Chase — the United States' largest depository financial institution — had taken on cryptocurrency exchanges Coinbase and Gemini equally customers.

"I take it as a very positive signal. Nosotros've seen specialist banks before being established to specifically support crypto, considering traditional banks were not taking crypto businesses seriously," Coley said.

This, she noted, led to the growth of specific banks that supported crypto or crypto marketplaces as "specialized businesses." Some of these gained meaning traction, as with the crypto-focused California-based commercial bank, Silvergate, which saw strong Q1 growth this year and went public last fall. Coley said:

"I think that was a strong, prior signaling that crypto businesses actually do have traditional revenue models, are consistent businesses involving real assets and real customers with real business models."

JPMorgan now looks at the likes of Coinbase "as if it's simply another business," Coley said, something she regards as an "extremely positive" evolution.

Spotlight on Jamie Dimon

Prior to the banking concern's announcement, JPMorgan chairman and CEO Jamie Dimon had established himself as one of cryptocurrencies' staunchest critics. The contended that Bitcoin is little more than than a speculative bubble — "worse than tulip bulbs"  — and predicted that its story "won't finish well."

"It'south unfortunate for Dimon that it was so public," Coley said, but "that's how anybody's journey with Bitcoin began. You know, disbelief, confusion, education, understanding, credence... obsession."

While in that location's no clear sign notwithstanding that Dimon's truce with the coin has tipped over into obsession, Coley emphasized that the evolution of the banking company's position should non be overlooked. The number of stakeholders that a burl bracket banking company like JPMorgan has to factor into their decision making is "enormous," she noted:

"Look how the tables have turned! Information technology's interesting to take seen the development of his stance in real fourth dimension. This acceptance stage that nosotros're in now will lead to broader adoption, to more mainstream opportunities; prior skepticism has switched to seeing us as trusted businesses."