00:00This is a pretty interesting move by J.P. Morgan, and I think it's safe to say it's a reversal of sorts.
00:06Yeah, sure. I mean, there's been a lot of skepticism from J.P. Morgan's headquarters about crypto for a long time.
00:13I think what you see changing now is that customers really want it, both on the retail side and institutional.
00:19So if they ignore it, it's bad for business.
00:21And then regulations have opened up so they don't have to worry about the specter of getting in trouble for doing it.
00:27What other banks have been building out their crypto operations or crypto offerings to institutional clients?
00:35Yeah, I mean, on the institutional side, I think it's still pretty limited.
00:38J.P. Morgan might be a first mover, at least in terms of our scoop about it.
00:42But, you know, Goldman Sachs, Morgan Stanley, even PNC had an announcement recently about getting more involved with crypto trading for clients.
00:51So it might just be the opening of the floodgates for this kind of activity.
00:54And what does it look like in terms of the competitive landscape here, which J.P. Morgan is trying to enter when you think about some of their financial peers at this point?
01:04Sure. I mean, there's also non-banks, right?
01:07Like Robinhood and others have been kind of facilitating this activity for a long time.
01:11So the banks have to worry about not just what's in their own backyard, but the other, you know.
01:16I'm glad you mentioned earlier about how J.P. Morgan at one point was kind of skeptical on crypto.
01:22I remember Jamie Dimon calling Bitcoin a pet rock.
01:25He's since turned a little bit more pragmatic on this.
01:28But we should point out J.P. Morgan has been pretty active when it comes to the blockchain, hasn't it?
01:33Yes. To their credit, I think it's been about a decade since they first started working on blockchain technology.
01:40And a lot of the banks and financial institutions really see it as a promising idea, and they've invested very heavily in it.
01:47So you can't say J.P. Morgan's a slacker there.
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