JPMorgan Chase, the largest bank in the U.S. by assets, is expanding its services to include crypto loans backed by cryptocurrency exchange-traded fund (ETF) collateral, according to a Bloomberg report. The move will offer some clients access to borrowing funds using Bitcoin ETFs as security, according to the report. 💰
JPMC will initially support loans secured by BlackRock’s IBIT, the most successful ETF in this space. Previously, such loans were only granted on a case-by-case basis.
This change comes after CEO Jamie Dimon, known for his skepticism of Bitcoin despite supporting it in client access, previously stated that he would allow clients to buy Bitcoin ETFs.