JPMorgan considers loan against cryptocurrency - report
Main Idea
JPMorgan Chase plans to offer loans secured by clients' cryptocurrency holdings, specifically Bitcoin and Ethereum, as early as next year.
Key Points
1. JPMorgan Chase (NYSE:JPM) is planning to introduce loans backed by clients' cryptocurrency holdings.
2. The loans will specifically be secured by Bitcoin and Ethereum.
3. The initiative is expected to launch as early as next year.
4. The information was reported by the _Financial Times_, citing people familiar with the matter.
Description
JPMorgan Chase ( NYSE: JPM ) plans to offer loans secured by clients' cryptocurrency holdings, specifically Bitcoin and Ethereum, as early as next year, the Financial Times reported, citing people familiar with the matter. JPMorgan ( NYSE: JPM ) aims to let clients use their BTC ( BTC-USD ) and ETH ( ETH-USD ) as collateral to borrow loans, expanding beyond its current service of lending against crypto ETFs like BlackRock’s iShares Bitcoin Trust ( IBIT ). The sources indicated that these plans a...
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