In Rare Foray Into FinTech, JPMorgan Purchases Payment Network WePay

October 18, 2017 5:25 pm Published by

Global banking giant JPMorgan has purchased payment network WePay in a “rare” fintech acquisition, reported Wednesday.

Bloomberg reported the genesis of JPMorgan’s purchase is the bank’s four million business customers want to accept payments “faster.”

JPMorgan CEO Jamie Dimon has been in the news recently after derisively calling bitcoin a “fraud” before stepping back from those comments and deciding “not [to] talk about Bitcoin anymore,” the report said.

Now, a senior executive said the company was “open-minded” on cryptocurrency and Blockchain, Cointelegraph .com said.

Meanwhile, WePay CEO Bill Clerico has stepped forward, saying he was “bullish on Bitcoin” as far back as 2014, the report said.

“As a protocol it will survive & as the tools in payments evolve it will grow,” he tweeted.

“This is the first acquisition we’ve brought of this kind,” Bloomberg meanwhile quotes JPMorgan merchant services CEO Matt Kane as saying.

“Small business across JPMorgan is an enormous strategic focus for us,” Kane said. “We know it’s the lifeblood of the economy as well as one of the biggest growth sectors that we have.”, Jack Durschlag

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