JPMorgan has re-confirmed it should permit purchasers to commerce Bitcoin and different cryptocurrencies.
Whereas the financial institution won’t instantly supply custody companies, it’s increasing its blockchain initiatives and exploring how crypto suits into its broader markets technique.
Scott Lucas, JPMorgan’s world head of markets digital belongings, outlined the financial institution’s strategy in a CNBC interview, emphasizing an “and” technique that balances present monetary infrastructure with rising blockchain alternatives.
On buying and selling crypto, Lucas stated that, “Jamie [Dimon] was fairly clear throughout investor day that we have been going to be concerned within the buying and selling of that, however custody will not be on the desk in the meanwhile,”
The financial institution has been experimenting with deposit tokens and stablecoins, instruments that allow cash-like digital belongings on distributed ledgers.
“Naturally, we’d like custodians. So we’re exploring what the correct custodians for us for the enterprise footprint of,” Lucas stated.
Lucas highlighted JPMorgan’s deposit token, JPMD, which is at the moment a prototype within the U.S., as a platform for potential shopper companies and money administration options.
Stablecoins stay a spotlight as nicely, although Lucas famous that any future issuance would probably be led by the financial institution’s funds enterprise, fairly than its markets division.
As a substitute, JPMorgan’s buying and selling purchasers can use stablecoins to execute transactions and discover new monetary workflows, reflecting the financial institution’s curiosity in bridging conventional markets with blockchain-based infrastructure.
Lucas additionally acknowledged the rising position of public blockchains in capital markets, noting that whereas JPMorgan maintains proprietary inside platforms, it expects an growing share of market exercise to shift towards public networks.
Earlier right now, JPMorgan additionally announced a $1.5 trillion, decade-long “Safety and Resiliency Initiative” to bolster key U.S. industries, together with power, manufacturing, and protection.
The financial institution said it might make investments as much as $10 billion in fairness and enterprise capital to assist home corporations driving innovation and strategic manufacturing.
JPMorgan: Bitcoin is undervalued
Earlier this month, JPMorgan analysis suggested Bitcoin could also be undervalued in comparison with gold, with potential upside if the “debasement commerce” continues. Analysts estimated Bitcoin may attain $165,000, about 450% above present ranges, based mostly on volatility-adjusted comparisons with gold.
They famous that Bitcoin is more and more engaging relative to gold because the bitcoin-to-gold volatility ratio falls under 2.0.
Earlier this 12 months, JPMorgan Chase also was said to consider a coverage to lend instantly towards purchasers’ Bitcoin and crypto holdings, marking a possible first for the financial institution in accepting digital belongings — not ETFs — as mortgage collateral.
Earlier in 2025, JPMorgan allowed purchasers to make use of Bitcoin ETFs as collateral and started together with crypto holdings in web value evaluations alongside conventional belongings.
