JPMorgan Chase & Co.‘s (NYSE:JPM) plan to introduce fees for transactions involving cryptocurrencies and third-party services could significantly cripple the fintech industry, say experts.
What Happened: JPMorgan Chase is considering charging data aggregators, such as Plaid and MX, every time a customer transfers funds from their JPMorgan Chase account to a crypto account or a third-party service like Robinhood (NASDAQ:HOOD).
Crypto firms and fintechs commonly use these aggregators to access customer accounts held at major financial institutions such as JPMorgan Chase.
Check out the current price of JPM stock here.
Anonymous industry executives have expressed concerns that this could make it financially unfeasible for many consumers to use stablecoins and crypto. They fear that the fees could “cripple the crypto industry,” reported Fortune.
“This would put everyone out of business…It would require everyone to raise prices by 1000% …