JPMorgan to use crypto-backed assets as loan collateral
According to a Bloomberg report published Wednesday, June 4, the bank plans to offer financing against crypto exchange-traded funds (ETFs), beginning with BlackRock’s iShares Bitcoin Trust (IBIT), in the coming weeks. Additional ETFs are expected to be included over time.
This move reflects JPMorgan’s continued embrace of blockchain technology and digital assets, even as its CEO, Jamie Dimon, remains publicly skeptical of Bitcoin itself.
At JPMorgan’s investor day in May, Dimon reiterated his reservations, stating, “I’m not a fan of Bitcoin.”
In Nigeria, the bank is also advancing efforts to expand its local presence. Having operated in the country since the 1980s, JPMorgan is reportedly in the process of securing a merchant banking license from the Central Bank of Nigeria to transform its Lagos office into a fully operational branch.
