JPMorgan wants to operate as a bank in Colombia

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JPMorgan Chase Bank, the renowned American bank has applied to the Colombian Financial Superintendence, the South American nation’s banking authorities to obtain a banking license that will allow it to act as a banking institution within the South American nation. Until now, the financial entity has acted as a credit establishment constituted within the Colombian economy.

In addition, JPMorgan Chase Bank has a representative office that has been operating for over 50 years within Colombia.

Ranked as one of the largest banks within the financial system in the United States, JPMorgan Chase Bank has representation in over 100 countries, as detailed on its website. Particularly in the region, its website also states that „Our commitment to helping clients in Latin America dates back to the 19th century.

Banco de Bogotá is recognized as the best bank in digital loans in Latin America

JPMorgan in the crypto world
As we previously reported in Cointelegraph, in the middle of this year the American bank began providing services for Coinbase and Gemini, two of the largest regulated Bitcoin Lifestyle exchanges within the US market. According to what was reported, this was the first time that the bank provided services to companies related to the crypto ecosystem, and many came to rate its action as a major change for the entire industry.

If it presents the same perspective that it has been having in the US market, the arrival of JPMorgan could represent a help for the crypto ecosystem within Colombia, which has been growing strongly in the last few years and which will host Devcon 6, the most important Ethereum conference within the ecosystem, in 2021.