JPMorgan exploring crypto-backed loans amid stablecoin push: FT

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JPMorgan Chase is reportedly wanting into crypto-backed loans, signaling a possible shift in how US banks regard crypto belongings. 

The Financial Times reported on Tuesday, citing unidentified sources, that JPMorgan might begin lending immediately in opposition to crypto belongings like Bitcoin (BTC) and Ether (ETH).

The FT reported this will likely occur by 2026, although the plans are topic to alter. 

The report adopted a current JPMorgan indication that it’s excited about stablecoins. In a July 15 earnings name, JPMorgan Chase CEO Jamie Dimon mentioned they plan to be concerned in stablecoins. He mentioned the financial institution will likely be concerned within the asset class to “understand it” and “be good at it.” 

The feedback got here as its competitor Citigroup introduced plans to enter the stablecoin race. In a post-earnings convention name, Citigroup CEO Jane Fraser mentioned the financial institution was contemplating issuing a stablecoin for funds.

Cointelegraph reached out to JPMorgan for feedback however had not acquired a response by publication. 

JPMorgan CEO softens stance on crypto

In earlier years, Dimon had expressed anti-crypto sentiments. In 2017, he referred to as Bitcoin a “fraud” throughout an organization assembly, saying that he would fireplace any worker buying and selling BTC on the corporate’s accounts.

In 2018, Dimon criticized crypto throughout an occasion, calling it a “scam” and saying he had no real interest in it. 

In 2022, Dimon made extra anti-crypto remarks, calling digital belongings “decentralized Ponzi schemes.” Despite this, he commented positively on blockchain, decentralized finance (DeFi), smart contracts and “tokens that do something.” 

According to the Financial Times report, the unidentified supply mentioned that Dimon’s earlier anti-Bitcoin feedback had alienated potential shoppers who made their cash by way of crypto or had been long-term believers within the asset class. 

Related: SEC explores Ethereum token customary for compliant securities

More just lately, Dimon began to melt his remarks on crypto, saying he’d defend folks’s rights to purchase Bitcoin.

On May 19, Dimon mentioned they’ll permit JPMorgan shoppers to purchase BTC. However, the corporate mentioned it could not custody the crypto asset. 

“I don’t think you should smoke, but I defend your right to smoke. I defend your right to buy Bitcoin,” Dimon mentioned.

Magazine: Pakistan will deploy Bitcoin reserve in DeFi for yield, says Bilal Bin Saqib

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