According to a Bloomberg reporton June 4, the Wall Street giant is set to expand its financing options to include spot Bitcoin $BTC
BTC-0.47% BitcoinETFs. Simply put, the bank’s wealthy clients will be able to use their cryptocurrency ETFs as collateral when applying for loans.
JPMorgan chief executive officer Jamie Dimon recently announced that the bank will allow its clients to buy Bitcoin. Dimon, who remains a crypto skeptic, has previously also commented that he will defend people’s “right to buy Bitcoin.”
Now, sources say the top U.S. bank’s latest plan is to bring crypto-backed loans to its wealthy clients, with the program set to launch within JPMorgan’s trading and wealth management divisions.
JPMorgan’s new rollout will begin with BlackRock’s iShares Bitcoin Trust ETF, currently the largest spot Bitcoin ETF, with over $40.5 billion in cumulative inflows and more than $70.1 billion in net assets. While BlackRock’s IBIT is the first product in JPMorgan’s offering, expansion could eventually include other crypto funds.
Per details in the report, this new service will
apply to all of JPMorgan’s wealthy clients globally. $BNB
