JPMorgan Chase is exploring plans to supply loans backed by shoppers’ cryptocurrency holdings, together with bitcoin and ether, as early as subsequent yr, the Financial Times reported on Tuesday, citing individuals acquainted with the matter.
The transfer comes as different main U.S. banks, together with Bank of America and Citibank, are creating stablecoins amid a broader push for extra crypto-friendly regulation in Washington.
CEO Jamie Dimon, a longtime bitcoin skeptic, not too long ago mentioned that the financial institution will likely be concerned in stablecoins.
JPMorgan declined to remark to the FT. The financial institution didn’t instantly reply to a Reuters’ request for remark outdoors common enterprise hours.
In May, Dimon advised buyers that he’s “not a fan” of the bitcoin universe citing considerations, together with leverage, misuse, and cash laundering points within the system, ruling out moving into custody, storing crypto property for shoppers, or increasing considerably even when laws ease.
“We’re going to allow you to buy it, we’re not going to custody it,” he mentioned, likening the strategy to allowing habits he personally disagrees with.
