JPMorgan Explores Using Client Cryptocurrencies as Collateral for Loans
According to Jinse Finance, JPMorgan Chase is exploring the possibility of issuing loans using clients' cryptocurrency assets as collateral, signaling another move by one of America's largest banks to bring crypto assets into the mainstream financial system. If implemented, this policy would mark a significant shift in the stance of JPMorgan CEO Jamie Dimon. Eight years ago, Dimon called Bitcoin "a fraud," claiming it would "eventually blow up" and was only useful to drug dealers and murderers. Sources familiar with the matter revealed that JPMorgan could begin accepting crypto assets such as Bitcoin and Ether as collateral for direct loans as early as next year, though the plan is still subject to change. JPMorgan declined to comment on the matter. (Jin10)
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