JPMorgan is gearing up to expand its footprint in digital assets, with plans underway to introduce cryptocurrency trading services for its clients. The move signals a growing shift within the Wall Street giant, which has been steadily warming to blockchain innovation despite long-standing skepticism from its top leadership.
Speaking on CNBC’s Squawk Box Europe, Scott Lucas, JPMorgan’s Global Head of Markets and Digital Assets, confirmed that the bank is actively developing crypto trading capabilities. However, he clarified that the firm is not yet ready to hold cryptocurrencies on behalf of clients.
“It’s not on the horizon near-term,” Lucas said, referring to digital asset custody. “I think 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.”
Lucas added that questions remain regarding the bank’s “risk appetite” and how far it intends to expand its crypto-related services. For now, JPMorgan is evaluating potential third-party custodians that could meet its security and compliance standards.
A Diversified ‘And’ Strategy
Lucas described the bank’s approach to blockchain and digital assets as an “and” strategy — one that looks to build on existing market structures while simultaneously exploring new opportunities.
“There’s the existing market and there’s opportunities to do new things,” he explained. “Those ‘and’ opportunities aren’t exclusive to one or the other.”
The comments come as JPMorgan continues to deepen its involvement in blockchain infrastructure. Earlier this year, the bank partnered with Coinbase and launched a pilot for its deposit token, JPMD, built on Base — Coinbase’s Ethereum Layer-2 network. The token is designed to improve settlement efficiency and liquidity management for institutional clients.
Dimon’s Shift on Crypto
The firm’s latest steps reflect a notable change in tone from CEO Jamie Dimon, who has long been one of crypto’s most outspoken critics. In August, Dimon acknowledged that he now sees “real value” in blockchain technology and stablecoins — a significant departure from his earlier remarks calling Bitcoin “worthless.”
Lucas echoed that sentiment, suggesting the bank’s initiatives are a response to client demand and evolving regulation.
“With JPMD, we see an opportunity to rethink how we serve clients on the cash side,” he said. “There’s growing interest in stablecoins, and our strategy is still emerging as regulations become clearer.”
Multiple Chains, Multiple Opportunities
Looking at the broader blockchain landscape, Lucas dismissed the idea that a single network would dominate the sector. Instead, he anticipates a diverse and competitive environment across multiple chains.
“I don’t think there’ll be one,” he said. “We expected consolidation, but now we’re seeing new layer-1s being rolled out. There’s a lot to play for in the public blockchain space, and we’ll be active there in the coming quarters.”
With trading services in development and a growing list of blockchain initiatives, JPMorgan’s latest pivot could mark a new chapter in how traditional finance engages with the crypto economy — not as an outsider, but as an increasingly central player.
