JPMorgan Freezes Stablecoin Startups' Accounts
Update: 2025-12-27
Description
JPMorgan Chase freezes accounts of Y Combinator-backed stablecoin startups, BlindPay and Kontigo, due to high-risk jurisdictions and a surge in chargebacks from rapid online user onboarding. Despite this, JPMorgan and Checkbook, a digital payments firm, are strengthening their partnership, with Checkbook joining the banks payments network to handle digital checks for big clients. This move comes as Venezuelans increasingly turn to crypto to bypass their crumbling currency and strict controls.
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