JPMorgan Chase, a leading banking firm, is exploring the possibility of offering cryptocurrency trading for its institutional clients, signaling a major growth in its digital asset services.
A Bloomberg report released on Monday, citing a source familiar with the intentions, reveals that JPMorgan Chase is evaluating various products and services within its markets division as part of this potential move into cryptocurrencies. While the specifics of the plans were not made public at the time of the report, they may encompass spot and derivatives trading of digital assets.
The development of crypto trading services is still in its infancy, prompted by rising client interest alongside the evolving regulatory landscape in the U.S. The current administration under President Donald Trump has put forth multiple policies supporting the crypto sector since January, such as enacting the GENIUS Act, which includes a stablecoin payments bill.
Despite deepening its connections to the digital asset space, JPMorgan has faced backlash from Strike CEO Jack Mallers, who alleged in November that his accounts were closed by the bank without any justification. In response to concerns about customer treatment, JPMorgan CEO Jamie Dimon clarified in a December interview that the bank does not terminate customer accounts due to their religious or political beliefs.
Related: Strike CEO debanked by JPMorgan; Lummis warns of ‘Chokepoint 2.0’
If this initiative becomes a reality, it would signify a notable shift in Dimon’s perspective on cryptocurrencies like Bitcoin (BTC), which he previously labeled as tools for “criminals, drug traffickers, money laundering, tax avoidance” during a 2023 hearing. However, he mentioned in a July interview his belief in stablecoins and acknowledged the potential advantages of blockchain technology.
More players entering the crypto market
French bank BPCE is also gearing up to introduce crypto trading services for retail customers, potentially making it one of the few EU-based banks to offer digital asset services.
Furthermore, BNY Mellon, another significant global banking entity, announced in November the launch of a money market fund designed to hold reserves for U.S. stablecoin issuers, in alignment with regulations stipulated by the GENIUS Act, which mandates reserves for stablecoin providers.
Magazine: The conflict of privacy and AML laws: Crypto projects’ challenging dilemma
