JPMorgan Chase Explores Issuing Loans Backed by Customer Cryptocurrency

BlockBeats News, July 22, JPMorgan Chase is exploring the possibility of using customers' cryptocurrency assets as collateral for loans, marking another sign of one of the largest banks in the U.S. pushing for crypto assets to enter the mainstream financial system. If this policy is ultimately implemented, it will signal a significant shift in JPMorgan Chase CEO Jamie Dimon's stance. Eight years ago, Dimon called Bitcoin a "fraud," stating that it would "eventually blow up" and was only useful for drug dealers and murderers. Insiders revealed that JPMorgan Chase may begin accepting cryptocurrencies such as Bitcoin and Ether as collateral for direct loans as early as next year, but the plan is still subject to change. JPMorgan Chase declined to comment on this matter. (FXStreet)