JPMorgan Chase is letting institutional clients use Bitcoin and Ethereum as collateral against loans denominated in US dollars. The move brings the most popular crypto tokens even further into the world of customary credit. The tokens will be held by third-party custodians while clients are able to access dollar liquidity.

It also marked another step in JPMorgan’s broader digital assets strategy despite CEO Jamie Dimon’s long-standing disdain of Bitcoin, with the firm having spent years building out its blockchain infrastructure. 

The network’s Kinexys platform, formerly known as Onyx, supports institutional payments, settlements and tokenized assets, with an estimated $5 billion worth of…