JPMorgan considers offering loans backed by customers' cryptocurrency holdings, FT reports

July 22 (Reuters) - JPMorgan Chase (JPM.N) is exploring plans to offer loans backed by customers' cryptocurrency holdings, including bitcoin and ethereum, starting next year, the Financial Times reported on Tuesday, citing people familiar with the matter.

The move comes as other major U.S. banks, including Bank of America (BAC.N) and Citibank (CN), are developing stablecoins amid a broader push for more cryptocurrency-friendly regulation in Washington.

CEO Jamie Dimon, a long-time skeptic of Bitcoin, recently stated that the bank will participate in stablecoins.

JPMorgan declined to comment to the Financial Times. The bank did not immediately respond to a request for comments from Reuters outside of regular business hours.

In May, Dimon told investors that he is "not a fan" of the bitcoin universe and cited concerns, including issues of leverage, misuse, and money laundering in the system, dismissing the idea of custody (storing cryptocurrency assets for clients) or significantly expanding even if regulations ease.

source: Reuters