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 growing stablecoins amid a broader push for extra crypto-friendly regulation in Washington.
CEO Jamie Dimon, a longtime bitcoin skeptic, just lately 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 traders that he’s “not a fan” of the bitcoin universe citing issues, together with leverage, misuse, and cash laundering points within the system, ruling out entering 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 method to allowing habits he personally disagrees with.
