Main to remember
- JPMorgan will start to accept Bitcoin and Crypto ETF as guaranteed for global loans.
- The bank will deal with digital assets as other traditional assets in wealth management assessments.
Share this article
JPMorgan, the largest American bank by total assets, should allow its clients for negotiation and management of wealth to use Crypto ETF as a loan guarantee in the coming weeks, Bloomberg reported on Wednesday, citing sources with knowledge of the plan.
The decision is part of a greater strategy to allow selected customers to borrow against assets linked to the crypto. The bank would start with the Crypto ETF, in particular the Ishares Bitcoin Trust of BlackRock (Ibit), which exceeded $ 70 billion in management.
This decision comes after the CEO of JPMorgan, Jamie Dimon, said last month that the bank will soon allow customers to buy Bitcoin, although he would not provide childcare services. The famous Crypto-skeptic executive has not changed its air, but the last pivot of the bank shows that Bitcoin presents real commercial opportunities that JPMorgan can no longer afford to ignore.
Previously, JPMorgan treated Crypto ETF as guarantees on a case -by -case basis. The change indicates that the bank is working to make the practice a standard policy, similar to the way it deals with actions, cars or art when calculating the borrowing capacity of customers against their assets.
The bank is also preparing to integrate crypto securities when assessing the net value of wealth management customers.
The changes will apply to all customers of the wealth management of the bank worldwide, going from retail customers to high individuals, according to sources.
It is a story in development.
Share this article
