Banking giant explores digital asset trading but remains cautious on crypto custody
JPMorgan Chase is preparing to take a significant step deeper into digital assets, with plans to offer cryptocurrency trading services to clients — though it remains cautious about handling crypto custody directly, according to a senior company executive.
Speaking on CNBC’s Squawk Box Europe on Monday, Scott Lucas, JPMorgan’s global head of markets and digital assets, confirmed that the firm is actively developing crypto trading capabilities but does not intend to manage customer-held crypto assets in the near term.
“We’re going to be involved in the trading of that, but custody is not on the table at the moment,” Lucas said. “There’s a lot of questions around our own risk appetite and how far we want to go down that path.”
Scott Lucas discussing JPMorgan’s blockchain sector approach. : CNBC
Lucas explained that the bank is currently evaluating external custodians to determine which partners would meet JPMorgan’s compliance and security standards.
JPMorgan’s ‘and’ strategy in digital assets
The executive described the company’s approach as an “and” strategy — one that embraces both traditional finance and emerging blockchain-based opportunities.
“We’re very much taking an ‘and’ approach,” Lucas said. “There’s the existing market, and there are opportunities to do new things. Those ‘and’ opportunities aren’t exclusive to one or the other.”
Dimon recently acknowledged the potential of stablecoins and blockchain infrastructure, calling himself “a believer in stablecoins” and emphasizing the value of tokenized financial systems.
Deposit tokens and public blockchain opportunities
Lucas also pointed to the bank’s pilot program for its deposit token, JPMD, which launched on Coinbase’s Base network earlier this year. The token aims to streamline institutional payments and settlement processes.
“There’s a real opportunity for us to offer different services for clients on the cash side — as well as respond to demand for stablecoin-like solutions,” Lucas said.
Looking forward, Lucas predicted that no single blockchain network would dominate, instead envisioning a multi-chain future where banks like JPMorgan operate across several ecosystems.
“We certainly see opportunity there and will be doing things in that space in the coming quarters,” he concluded.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.
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