World’s largest bank reportedly chases crypto trading amid debanking claims
JPMorgan Chase (NYSE: JPM), the world’s largest bank by market capitalization, is reportedly considering launching cryptocurrency trading services for institutional clients, on Dec. 22.
The bank is looking at what crypto products and services it could offer to its customers, a source told the publication. Spot and derivatives crypto trading are on the cards, a source said.
Related: JPMorgan issues first U.S. debt deal on popular blockchain
It marks a remarkable step for the Wall Street giant accused of debanking by Jack Mallers, CEO of the Bitcoin (BTC) treasury firm Twenty One Capital (NYSE: XXI).
The crypto industry fears the action is part of Operation Chokepoint 2.0 in a coordinated effort by federal regulators and banks to deny services to crypto businesses.
However, JPMorgan CEO Jamie Dimon rejected the claims of debanking and said the customers’ political or industry affiliations didn’t influence account closures.
Existing reporting requirements sometimes force banks to drop clients over “suspected things” or “negative media,” he said.
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Dimon himself has remained very critical of Bitcoin and now, the company is reportedly considering launching crypto trading to institutional clients. However, retail clients are not a priority for the bank right now.
Last month, it launched its blockchain-powered deposit token, JPM Coin (JPMD), for institutional clients.
It is also considering accepting spot Bitcoin exchange-traded funds (ETFs) as collateral for loans.
Though JPMorgan Chase has not embraced crypto like other Wall Street giants like BlackRock (NYSE: BLK) and Fidelity Investments, it has come to a slow realization that blockchain technology and digital assets are here to stay.
Related: JPMorgan’s Jamie Dimon slams debanking allegations