JPMorgan is eyeing a serious enlargement into crypto-backed lending and is contemplating providing loans secured instantly by shoppers’ cryptocurrency property—together with bitcoin
With the bullish crypto regulatory atmosphere beneath the Trump administration, JPMorgan might launch these crypto‑backed loans as quickly as subsequent 12 months, the report mentioned, citing folks accustomed to the matter.
Historically cautious, JPMorgan already permits shoppers to borrow in opposition to crypto exchange-traded funds (ETFs), similar to BlackRock’s iShares Bitcoin Belief (IBIT).
This subsequent part would deepen its dedication to digital property, marking a shift beneath CEO Jamie Dimon’s management — who infamously labeled bitcoin a “fraud” eight years in the past
Final week, Jamie Dimon mentioned that the financial institution plans to get extra concerned in stablecoins, at the same time as he questioned their sensible utility in comparison with conventional funds.
CoinDesk was not in a position to contact JPMorgan for remark.
Learn extra: Jamie Dimon Says JPMorgan to Get Extra Concerned With Stablecoins
