JPMorgan Chase Explores Issuing Loans Backed by Customer Cryptocurrency

On July 22nd, JPMorgan Chase is delving into the potential of using customers' cryptocurrency assets as collateral for loans. This indicates another indication that one of the largest banks in the US is pushing for crypto assets to enter the mainstream financial system. If this policy is eventually carried out, it will signify a notable shift in the stance of JPMorgan Chase CEO Jamie Dimon. Eight years ago, Dimon referred to Bitcoin as a "fraud", claiming that it would "eventually explode" and was only beneficial for drug dealers and murderers. Insiders disclosed that JPMorgan Chase might start accepting cryptocurrencies like Bitcoin and Ether as collateral for direct loans as early as next year, yet the plan remains subject to alteration. JPMorgan Chase declined to provide comments on this matter. (FXStreet)