JPMorgan is eyeing a significant enlargement into crypto-backed lending and is contemplating providing loans secured straight by shoppers’ cryptocurrency property—together with bitcoin
With the bullish crypto regulatory setting underneath the Trump administration, JPMorgan might launch these crypto‑backed loans as quickly as subsequent yr, the report stated, citing folks acquainted with 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 section would deepen its dedication to digital property, marking a shift underneath CEO Jamie Dimon’s management — who infamously labeled bitcoin a “fraud” eight years in the past
Final week, Jamie Dimon stated that the financial institution plans to get extra concerned in stablecoins, whilst he questioned their sensible utility in comparison with conventional funds.
CoinDesk was not capable of contact JPMorgan for remark.
Learn extra: Jamie Dimon Says JPMorgan to Get Extra Concerned With Stablecoins
