JPMorgan Prepares to Back Loans With Bitcoin & Ether
Hey Digital Banking Fanatic!
First, it was “fraud,” according to Jamie Dimon, and JPMorgan employees were warned they could be fired for touching crypto. Now it’s a balance sheet item.
JPMorgan is exploring a way for select clients to borrow cash using their Bitcoin and Ether as collateral, after allowing some to borrow against crypto ETFs like BlackRock’s iShares Bitcoin Trust back in June.
JPMorgan wouldn’t be the first to try this in finance, but it may be one of the first in banking. And once one bank steps in, more are likely to follow.
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