JPMorgan is set to enhance its involvement in the blockchain and crypto markets, with plans to introduce cryptocurrency trading for its customers, as detailed by an executive from the bank.
Currently, direct crypto custody remains off the agenda for the bank.
During an appearance on CNBC’s Squawk Box Europe on Monday, Scott Lucas, JPMorgan’s global head of markets and digital assets, was inquired about the possibility of the bank following competitors like Citibank in offering custody services for digital assets.
Lucas revealed that this potential is not imminent but stressed that the bank is indeed looking ahead to offering crypto trading services.
“Jamie [Dimon] was pretty clear on investor day that we’re going to be involved in the trading of that, but custody is not on the table at the moment,” he noted, adding that: “There are many questions regarding our own risk appetite and how much we want to engage in that path, including trading and other aspects, and custody would presumably follow.”
He further mentioned that JPMorgan is assessing what the appropriate custodians for the firm might be.
JPMorgan’s Comprehensive Strategy Towards Crypto
Lucas reiterated JPMorgan’s comprehensive strategy during the discussion, indicating the bank’s ambition to explore varied opportunities in the sector without limiting itself to a single aspect.
“When we approach this, we’re truly adopting an ‘and’ strategy. There’s the current market and fresh opportunities that we can explore together, and these ‘and’ opportunities are not mutually exclusive,” he explained.
JPMorgan has gradually embraced a broader perspective on crypto and blockchain in 2025, forming partnerships with key industry players like Coinbase.
The shift in approach has been partly influenced by changes in sentiment from CEO Jamie Dimon, who previously had a skeptical view of cryptocurrency. Dimon acknowledged in August that he has come to appreciate stablecoins and recognizes the value of blockchain technology.
In discussions about JPMorgan’s deposit token, JPMD, launched in a pilot phase on Base in June, Lucas expressed enthusiasm about its potential for serving institutional clients and watching the stablecoin market closely.
“The strategy is still developing, as you might understand. It’s only been a few months since clearer regulations have shed light on what opportunities exist.”
Lucas also suggested that JPMorgan does not anticipate any single blockchain network, like Ethereum, dominating the entire market, but foresees various opportunities arising in the near future.
“I don’t believe there will be a single network. We anticipate some consolidation in that domain, and we are already observing new layer 1s being introduced… thus, there is much to explore in the public blockchain, with notable opportunities for us moving forward.”
