The CryptoCurrencyWire segment kicked off with the news that JPMorgan is allowing crypto exchanges Coinbase and Gemini access to its banking services (http://ccw.fm/5vBmS). In April, the nation’s largest banking firm took the plunge and opened accounts for the two exchanges – the first time it has served customers from the crypto sector. However, the bank will not be processing cryptocurrency transactions, only those denominated in U.S. dollars.In other news, digital asset trading platform FalconX has raised $17 million in new capital from a host of investors that includes Accel, Accomplice VC, Coinbase Ventures, Fenbushi Capital, Flybridge Capital Partners, Lightspeed Venture Partners and Avon Ventures, a venture capital fund affiliated with FMR LLC, the parent company of Fidelity Investments (http://ccw.fm/Fd0jC). The funding will be used to introduce new products and expand FalconX’s trade execution suite and scale infrastructure to support growing institutional demand for cryptocurrency.Finally, the tax man is coming. The IRS has initiated a plan to hire third-party contractors to help it examine crypto traders’ tax returns (http://ccw.fm/fNdK6). The agency is looking for tax-software companies to assist its revenue agents in calculating taxpayers’ gains or losses as a result of their transactions involving virtual currencies.
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