JPMorgan is planning to allow its clients to trade digital currencies, but it currently has no intention of holding crypto assets on their behalf.
In a recent interview on CNBC’s Squawk Box Europe, Scott Lucas, who leads the bank’s markets and digital assets team, made it clear that JPMorgan is working on providing cryptocurrency trading services.
However, he said that storing digital assets, commonly referred to as “custody”, is not something the bank is planning to offer in the near future.
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Lucas noted that although trading is being considered, the bank is still assessing the risks associated with crypto involvement. He added that custody might be considered later, but only after a better understanding of the firm’s limits and priorities.
Currently, JPMorgan is exploring potential external partners that could handle crypto storage if that step is taken eventually. The bank is not looking to manage that process itself anytime soon.
Throughout the interview, Lucas described the company’s method as an “and” approach.
This means that rather than choosing between established financial systems and newer technologies, JPMorgan aims to work with both. It recognizes the value in integrating current market structures with emerging digital tools, which allows for flexibility and growth across various areas.
Recently, Jamie Dimon, CEO of JPMorgan Chase, suggested that the Federal Reserve is unlikely to reduce interest rates. Why? Read the full story.
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