Bloomberg quoted sources familiar with the matter, stating that as global major banks continue to deepen their involvement in the asset class of cryptocurrencies, JPMorgan Chase & Co. is considering offering cryptocurrency trading services to its institutional clients.
According to a source, the Wall Street giant is evaluating what products and services its markets division can offer to expand its footprint in the cryptocurrency space. The source indicated that this may include spot and derivatives trading of cryptocurrencies.
Sources added that the relevant plans are still in the early stages, primarily in response to the rising interest in cryptocurrencies from clients following changes in the U.S. digital asset regulatory environment. Whether this will materialize in the future will depend on the sufficient demand for specific products, as well as the assessment of risks and opportunities, taking into account the feasible scope at the regulatory level.
JPMorgan CEO Jamie Dimon has expressed skepticism towards cryptocurrencies, having previously likened Bitcoin to a pet rock. However, the bank's recent actions highlight that Wall Street is gradually moving away from viewing Bitcoin as a fringe investment. Dimon's recent stance appears more pragmatic; during JPMorgan's investor conference in May this year, he stated, "I don't think you should smoke, but I defend your right to smoke. I also defend your right to buy Bitcoin; if you want to buy it, go ahead."
The bank has also recently assisted a subsidiary of digital asset investment firm Galaxy Digital in issuing a $50 million on-chain U.S. Commercial Paper (USCP) on the Solana blockchain. Additionally, JPMorgan's asset management division announced last week the launch of its first tokenized money market fund on the Ethereum blockchain.
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