JP Morgan Considers Allowing Crypto as Loan Collateral

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JP Morgan Considers Allowing Crypto as Loan Collateral
Photo: Richard Drew AP/TT

JP Morgan Chase & Co has made a U-turn and is now considering allowing customers to use crypto assets as collateral to get loans in the US major bank, reports the Financial Times newspaper, citing anonymous sources.

This would be a major shift in the large bank's view on cryptocurrencies. The CEO Jamie Dimon branded the largest cryptocurrency bitcoin as "a scam" eight years ago that would be exposed over time and added that the cryptocurrency only benefited criminals.

Dimon also said that he would fire employees who traded in cryptocurrencies - but he has softened his statements on the issue in recent times.

I do not think you should smoke, but I defend your right to smoke. And I defend your right to buy bitcoin. Do as you want, he said in May according to Financial Times.

JP Morgan does not want to comment on the newspaper's information that the bank will soon accept crypto assets as collateral.

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By TTEnglish edition by Sweden Herald, adapted for local and international readers

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