Bitcoin Critic Jamie Dimon’s Company JPMorgan Makes Major Cryptocurrency Move

JPMorgan Chase & Co., the largest U.S. bank, is rolling out plans to lend to its customers by accepting exchange-traded funds (ETFs) tied to cryptocurrencies as collateral. The move is seen as one of the biggest moves from Wall Street since President Donald Trump pledged to support loosening regulations on the crypto sector. JPMorgan will begin providing financing in the coming weeks against some crypto ETFs, starting with BlackRock’s iShares Bitcoin Trust, according to people familiar with the matter. The bank will also factor in its asset management clients’ crypto holdings in its total net worth and liquid assets calculations. The change would see cryptocurrencies treated similarly to asset classes such as stocks, cars or works of art. Related News: BREAKING: Coinbase Continues to Announce More Listings - Now Listing a Billion-Dollar Altcoin JPMorgan was an early adopter of blockchain technology in areas such as payments and has started working with crypto exchanges such as Coinbase. However, CEO Jamie Dimon has kept his distance from cryptocurrencies as an individual. Dimon, who said he was “not a fan” of Bitcoin at the investor day in May, said he still defended customers’ right to buy Bitcoin, saying, “I don’t support smoking, but I do support your right to smoke. I also support your right to buy Bitcoin.” This change in asset management will cover all of JPMorgan’s client segments worldwide, with both individual investors and high-net-worth individuals eligible to benefit. *This is not investment advice. Continue Reading: Bitcoin Critic Jamie Dimon’s Company JPMorgan Makes Major Cryptocurrency Move