Quick Breakdown
- JPMorgan plans to launch crypto trading services but is not ready to custody digital assets.
- The bank is adopting an “and” strategy, balancing traditional and blockchain-based financial products.
- CEO Jamie Dimon’s evolving stance toward crypto and stablecoins is shaping JPMorgan’s 2025 digital asset roadmap.
JPMorgan plans broader push into crypto trading
JPMorgan is deepening its exposure to blockchain and cryptocurrencies, with new plans underway to introduce digital asset trading services, according to Scott Lucas, the bank’s global head of markets and digital assets.
Speaking on CNBC’s Squawk Box Europe on Monday, Lucas revealed that while JPMorgan is moving forward with trading capabilities, direct crypto custody remains “off the table” for now.
“I think Jamie [Dimon] was pretty clear on investor day that we’re going to be involved in trading, but custody is not on the table at the moment,” Lucas said, noting that the firm continues to assess its “risk appetite” and explore suitable custodial partners.
‘And’ approach to crypto strategy
Lucas emphasized that JPMorgan’s crypto roadmap is built around an “and” philosophy — focusing on both traditional markets and emerging blockchain opportunities.
“When it comes to how we approach this, we’re very much taking an ‘and’ approach,” he said. “There’s the existing market and opportunities to do new things. Those ‘and’ opportunities aren’t exclusive to one or the other.”
This broader strategy aligns with the bank’s growing involvement in the digital asset space, including partnerships with key industry players like Coinbase.
Dimon’s shift and stablecoin interest
The bank’s growing openness to crypto appears to follow a noticeable shift in sentiment from CEO Jamie Dimon, who was previously one of the sector’s most outspoken critics.
In August, Dimon described himself as a “believer in stablecoins” and acknowledged blockchain’s long-term potential.
Lucas also discussed JPMorgan’s deposit token, JPMD, which launched in a pilot phase on Coinbase’s Base network in June. He noted that JPMD could enhance institutional payment services while the firm also evaluates stablecoin applications.
Multi-chain future ahead
Looking at the broader blockchain ecosystem, Lucas rejected the idea that a single network like Ethereum would dominate. Instead, he predicted a diverse and competitive landscape.
“I don’t think there’ll be one,” he said. “We expected consolidation, but instead we’re seeing more new layer-1s. There’s a lot to play for in the public blockchain space, and we’ll be doing things there in the coming quarters.”
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