JPMorgan Mulls Using Customer Crypto as Loan Collateral: Report
JPMorgan is reportedly looking at offering loans backed by customer-held crypto assets, such as Bitcoin (BTC) and Ethereum (ETH).
If implemented, it would mark a major shift for CEO Jamie Dimon, who once called Bitcoin a “fraud” and predicted it would collapse.
Crypto-Backed Loans Could Start Next Year
The Financial Times revealed that the bank could launch the initiative next year. However, sources quoted by the publication emphasized that the plans could still change.
The firm’s top executive was once a vocal critic of Bitcoin, saying the excitement around it would “eventually blow up,” and claiming it was only used by “murderers and drug dealers.” He is also reported to have said he would fire any…
