According to FT, JPMorgan is thinking about providing loans secured by customers’ cryptocurrency holdings.

Reuters, July 22. According to the Financial Times on Tuesday, which cited people familiar with the situation, JPMorgan Chase (JPM.N) is considering plans to offer loans guaranteed by clients’ cryptocurrency holdings, including Bitcoin and Ethereum, as early as next year.
As part of a broader push for more crypto-friendly regulation in Washington, other major U.S. institutions, such as Bank of America (BAC.N) and Citibank (C.N), are also developing stablecoins.

The bank will be associated with stablecoins, according to a recent statement from CEO Jamie Dimon, a longstanding bitcoin skeptic.
JPMorgan told the FT that it would not comment. A request for comment from Reuters outside of usual business hours was not immediately answered by the bank.

Dimon stated to investors in May that he is “not a fan” of the bitcoin ecosystem, citing risks related to money laundering, leverage, and misuse that would prevent him from entering custody—storing cryptocurrency assets for customers or growing significantly in customers, even if regulations loosen.
Saying, “We’re going to allow you to buy it, we’re not going to custody it,” he compared the strategy to allowing actions that he believes unacceptable.

 

 

 

 

 

 

 

 

 

 

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