American multinational finance corporation JPMorgan Chase is preparing to deepen its involvement in blockchain and cryptocurrency, with new plans underway to introduce crypto trading services.
This was revealed by Scott Lucas, the bank’s Global Head of Markets and Digital Assets. In an interview on CNBC’s Squawk Box Europe on Monday, Lucas clarified that while JPMorgan is exploring the crypto trading space, directly custodying cryptocurrencies remains off the table for now. When asked whether the bank would follow peers like Citibank in offering crypto custody services, he stated that such a move was “not on the horizon near-term.”
In his words,
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“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. There’s a lot of questions around our own risk appetite and how far we want to go down that path, from trading and other sides of it, and custody, I guess would follow.”
In the meantime, the firm is assessing what the right custodians for crypto might look like. Throughout the discussion, Lucas emphasized JPMorgan’s strategic approach and outlook, which focuses on embracing multiple opportunities across the blockchain and digital asset landscape, rather than prioritizing one over another. “There’s the existing market, and there’s opportunities to do new things. And those ‘and’ opportunities aren’t exclusive to one or the other,” he explained.
Lucas also discussed the bank’s recently launched deposit token, JPMD, which entered its pilot phase on Base in June. He noted that the initiative is aimed at providing new services for institutional clients while also responding to growing interest in stablecoins. “There’s a real opportunity for us to think about how we can offer different services for our clients on the cash side, as well as respond to client demand to do things like stablecoins,” he said.
In the broader blockchain ecosystem, Lucas expressed the belief that no single network, such as Ethereum, will dominate the space. Instead, he anticipates a more fragmented but vibrant market with multiple competing blockchains.
His comments highlight a growing shift in JPMorgan’s stance toward crypto. The banking giant, once cautious about digital assets, has become more open to blockchain innovation, striking notable partnerships with industry leaders like Coinbase.
Recall that in late 2023, JP Morgan warned that crypto markets were “overbought” due to hype around spot Bitcoin ETFs and predicted a pullback into 2024, though they saw potential for Ether to outperform Bitcoin post-upgrades. By May 2024, following Bitcoin’s halving event and ETF outflows, they maintained a “cautious stance” on crypto, citing dissipating retail enthusiasm and persistent headwinds like macro uncertainty.
As recently as July 2025, JP Morgan slashed forecasts for stablecoin growth to $500 billion by 2028, arguing there’s “little evidence of mainstream adoption” and payments usage remains negligible at just 6% of demand. The bank now supports a limited range of crypto ETFs (Bitcoin and some Ether-focused ones) but has no plans for broader crypto custody or spot trading desks.
As of October 2025, JP Morgan’s crypto offerings are confined to ETFs and blockchain services, excluding direct altcoin support or DeFi exposure. This evolution in approach is mirrored by a softer tone from CEO Jamie Dimon, who has long been one of crypto’s most vocal critics. In 2021, Dimon described bitcoin as ‘worthless’.
Recently, he described himself as a “believer in stablecoins” and acknowledged the potential of blockchain technology. His changing perspective appears to be influencing JPMorgan’s broader digital asset strategy.
