JPMorgan May Start Lending Directly Against BTC, ETH Starting Next Year: Report
Main Idea
JPMorgan is reportedly exploring lending against clients' Bitcoin and Ethereum holdings, marking a significant step in traditional banking's adoption of crypto services, despite CEO Jamie Dimon's past skepticism.
Key Points
1. JPMorgan may start lending directly against BTC and ETH holdings as early as next year, becoming one of the largest US banks to endorse crypto.
2. CEO Jamie Dimon, previously critical of Bitcoin, has acknowledged stablecoins as 'real' and confirmed plans for the bank to engage with deposit tokens and crypto services.
3. The bank already allows selected clients to borrow against crypto ETFs, such as BlackRock’s iShares Bitcoin Trust, but lending against actual digital assets would be a major advancement.
4. The move aligns with a favorable US regulatory environment, including the recent signing of the GENIUS Act, which facilitates banks' dealings with crypto assets.
5. JPMorgan forecasts the stablecoin market could grow to $500 billion by 2028, though it considers trillion-dollar predictions unrealistic at this stage.
Description
JPMorgan Chase is reportedly exploring lending against clients’ Bitcoin and Ethereum holdings starting next year, sources told the Financial Times . However, they cautioned that the plans are subject to change. The move would make JPMorgan one of the largest US banks to endorse crypto into mainstream. JPMorgan Chase CEO Jamie Dimon, who has been a vocal skeptic of Bitcoin, calling the asset a “fraud.” However, he recently said that stablecoins are “real,” adding that JPMorgan will be involved bo...
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