After years of skepticism towards the cryptocurrency landscape, Jamie Dimon’s JPMorgan Chase & Co. has adopted a more favorable approach. The latest development will reportedly permit institutional clients to use Bitcoin (BTC) and Ethereum (ETH) as collateral for loans.

A Bloomberg report highlighted this crypto initiative, which is set to be implemented globally and will involve a third-party custodian to ensure the security of the assets.

Earlier discussions about this program arose over the summer when the Financial Times disclosed that the initiative might launch in 2026. However, this was met with skepticism, considering Dimon’s previously negative views on Bitcoin and cryptocurrencies.

The CEO has a well-documented history of disparaging Bitcoin, even labeling it a “decentralized Ponzi scheme” and claiming that it is mainly utilized by criminals. Despite this, his attitude has notably softened over the past few years, particularly following the regulatory changes in the U.S. since Donald Trump’s election victory in late 2024. Dimon has even stated he would defend the right to purchase Bitcoin, albeit with some reservations.

JPMorgan is following other major U.S. banks, such as Morgan Stanley and BNY Mellon, which have long been enthusiastic participants in the crypto market, while previously critical organizations like Standard Chartered are also moderating their stances in recent times.