The Financial Times reports that JPMorgan, the world’s biggest bank, is looking into issuing crypto-backed loans, meaning that its clients may soon be able to pledge bitcoin, ether, or some other token to borrow dollars.
The news is notable for a couple of reasons. Crypto folks love pointing out that Jamie Dimon, the bank’s chief executive, famously said in 2017 that he’d fire any employee caught trading bitcoin for being “stupid,” so JPMorgan considering the issuance of such a product (and getting involved with stablecoins) is seen as vindication by some in the industry.
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More interesting is what JPMorgan’s move could end up meaning for crypto lending. The Bank of Dimon isn’t the first TradFi firm to look into crypto-backed loans (Cantor Fitzgerald announced a similar program last July) but it’s certainl
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