JPMorgan shuts off the account of Uniswap founder
JPMorgan Chase, an American multinational investment bank and financial services, is known for its constantly-changing thoughts on cryptocurrencies and Bitcoin. The turn of events was confirmed by Hayden Adams on Jan 23, the founder of Uniswap via Twitter.
JPMorgan shutting accounts?
A number of cases have been reported by bank account owners across the world complaining about receiving notices and forced closure of accounts. One such case happened with the founder of Uniswap, a decentralized exchange with UNI as its native token.As seen in the tweet above, the founder said that JPMorgan Chase “closed my bank accounts with no notice or explanation.” He also hinted at the fact that he is not the only person to receive such treatment. He said:
“I know many individuals and companies who have been similarly targeted simply for working in the crypto industry.”On the other hand, a reply from the support of the banking firm was received by Adams. In a reply to Adams’ tweet, the support channel of the banking firm said “It sounds like you've had a less than ideal experience, and we want to know where you are coming from. Let's work together on your concern. Will you please DM your name, zip, and any other information you'd like to share?”
Changing sides
JPMorgan had quite a wide opinion on cryptocurrencies. Recently the firm had adopted blockchain technology payments which was tested by the central bank of Bahrain. Another statement from the bank also reveals its opinion of Bitcoin and Ethereum.As per the previous report from Cryptonary, JPMorgan believes that Ethereum is a better bet than Bitcoin. The firm believes that ETH derives its value from applications “ranging from DeFi to gaming to NFTs and stablecoins, it appears less susceptible than bitcoin to higher real yields.”
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