Founded by the Winklevoss twins, Gemini Space Station (Nasdaq: GEMI) is one of the most popular cryptocurrency trading exchanges.
While decentralized finance (DeFi) has indeed come a long way, its competition with traditional finance (TradFi) hasn’t worn off. And Gemini isn’t the one to back off.
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As a new dinosaur species of “Doolysaurus huhmini” in South Korea came to light, Gemini took the opportunity to take a dig at banking “dinosaurs” like Bank of America (NYSE: BAC), JPMorgan Chase (NYSE: JPM), The Vanguard Group, and Wells Fargo (NYSE: WFC) that are still “roaming around.”
Crypto firms like Gemini have often voiced their opinion that Wall Street banks aren’t here to stay for long.
In fact, Gemini has had quite a tumultuous relationship with JPMorgan, which has over 225 years of history and is the world’s largest bank in terms of market cap.
In July last year, the crypto exchange accused the banking giant of trying to “kill fintech and crypto companies.”
JPMorgan wanted crypto companies to pay fees to access their customers’ bank account information.
When the bank decided not to re-onboard Gemini, the crypto exchange’s co-founder, Tyler Winklevoss, alleged that the move was part of a broader effort by Wall Street institutions to choke off crypto access.
As per Winklevoss, banks like JPMorgan were waging “Operation ChokePoint 2.0” against the crypto industry, an alleged coordinated effort by banking institutions to de-bank certain sectors like crypto by cutting off critical services.
However, when TheStreet Roundtable reached out to JPMorgan back then, it didn’t comment specifically on Gemini but said it banks many crypto companies and was currently onboarding new crypto clients.
The bank denied blocking crypto companies and said the real issue was uncontrolled data harvesting by aggregators.
However, JPMorgan has faced similar accusations from other crypto leaders, too.
