JPMorgan’s Sneaky Freeze on Crypto Startups! 🚫💰

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Oh, what a curious twist! JPMorgan, that old fox, has decided to freeze the accounts of two daring startups-Kontigo and Blindpay-because they’re ‘high risk’! 🤪

JPMorgan’s Mysterious Freeze on Crypto Startups! 🧙‍♂️

Stablecoin neobanks are once again under scrutiny by traditional banking institutions. 🤭

According to The Information, JPMorgan has taken action against some stablecoin startups, freezing their accounts like a mischievous child stealing a cookie. 🍪

The move involves Blindpay, a bold startup, which operates in Latin American countries like Argentina, Mexico, Colombia, and Brazil, while Kontigo, a clever one, serves the Venezuelan market. 🇵🇾

But JPMorgan sources, ever the enigma, claim these actions have nothing to do with the nature of the businesses. Just a coincidence, they say. 🤷‍♂️

A bank spokesperson, with a wink and a nod, said, “This has nothing to do with stablecoin companies. We bank both stablecoin issuers and related businesses, and we recently took a stablecoin issuer public.” 🎩✨

And just last year, JPMorgan was one of the bookrunners for Circle’s IPO. Talk about playing both sides! 🤝

Though they won’t say it outright, this move seems to hint at the countries where these companies operate. JPMorgan, ever the cautious one, might be protecting itself from trouble. 🛡️

Blindpay, with a flourish, raised $3.3 million from big names like Y Combinator and Circle Ventures. And Kontigo, with a twinkle in its eye, raised $20 million with support from Coinbase Ventures. 💸

It is unknown whether the firms’ operations will be affected by this measure, or if they have already managed to procure alternatives to JPMorgan’s services. 🤔

FAQ

  • What recent action has JPMorgan taken against stablecoin startups?
    JPMorgan has frozen accounts held by certain stablecoin startups, including Blindpay and Kontigo, which are considered high risk. 🚫💰

  • Which markets do these stablecoin startups operate in?
    Blindpay focuses on Latin American markets such as Argentina, Mexico, Colombia, and Brazil, while Kontigo provides services in Venezuela. 🇻🇪

  • What is JPMorgan’s stance on its relationship with stablecoin companies?
    A bank spokesperson clarified that their actions aren’t related to stablecoin businesses, emphasizing their continued support for stablecoin issuers and related firms. 🤝

  • What implications could these actions have for the startups involved?
    While the impact on Blindpay and Kontigo remains unclear, they may need to seek alternative banking services to continue their operations effectively. 🧭

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2025-12-27 22:09