KEY FACTS: JPMorgan Chase & Co., the world's largest bank by market capitalization, is set to launch cryptocurrency trading services for its high-net-worth clients, marking a significant shift from CEO Jamie Dimon's earlier skepticism toward digital assets. Announced by Scott Lucas, the bank’s global head of markets and digital assets, on CNBC’s Squawk Box Europe on October 13, 2025, the initiative focuses on trading rather than custody due to regulatory and risk concerns, with potential partnerships for custody solutions. This move, driven by growing institutional demand and clearer U.S. stablecoin regulations, builds on JPMorgan’s blockchain efforts, including its Onyx platform and JPMD token pilot on Coinbase’s Base network.

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Scott Lucas discussing JPMorgan’s blockchain sector approach. Source: CNBC

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JPMorgan to Launch Crypto Trading Services for High-Net-Worth Clients

JPMorgan Chase & Co., the world's largest bank by market capitalization, has announced plans to roll out cryptocurrency trading services for its clients. This development, revealed through candid comments from a top executive, underscores a dramatic evolution in the bank's stance toward crypto, once derided by its CEO as a "pet rock." As regulatory clarity emerges and institutional interest surges, JPMorgan's entry into crypto trading could accelerate mainstream adoption, and redefines how wealthy investors access volatile but high-potential digital markets.

The intention was communicated by Scott Lucas, JPMorgan's global head of markets and digital assets, who laid out the bank's roadmap during a recent appearance on CNBC's Squawk Box Europe. In the interview, broadcast on October 13, Lucas fielded questions about whether JPMorgan would emulate rivals like Citibank, which has dipped its toes into crypto custody services. His response was that direct custody of cryptocurrencies is "off the table" in the near term. In his words:

"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,"

Lucas was referencing JPMorgan's CEO Jamie Dimon in a recent statement on blockchain enthusiasm. Dimon, long a vocal crypto skeptic, has softened his rhetoric in recent months, admitting in August that he is a "believer in stablecoins" and highlighting the transformative potential of distributed ledger technology. This tonal shift appears to have permeated the bank's strategy, with Lucas emphasizing a pragmatic focus on client demand.

Custody, the safekeeping of digital assets, carries significant regulatory and operational risks, including the infamous hacks that plagued early crypto exchanges. Lucas acknowledged these hurdles. For now, JPMorgan is scouting "the right custodians" to partner with, allowing the bank to facilitate trades without bearing the full burden of asset storage.

This cautious stance aligns with JPMorgan's history of innovation tempered by caution. Since launching its Onyx blockchain platform in 2020, the bank has processed over $1 trillion in transactions on private networks. But public crypto trading represents a bold leap into decentralized waters, where volatility and 24/7 markets demand new infrastructure.

Lucas described JPMorgan's philosophy as an "and" approach, which is a deliberate strategy to pursue opportunities in both legacy financial systems and cutting-edge crypto innovations without pitting them against each other. In his words:

"I think when it comes to how we approach this, we’re very much taking an ‘and’ approach," he explained. "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."

This mindset has already borne fruit. In a sign of accelerating momentum, JPMorgan partnered with Coinbase earlier this year to integrate USDC into its rewards programs for institutional clients. The collaboration allows users to earn crypto yields on fiat deposits, blending the stability of traditional banking with the efficiency of blockchain settlements. As Lucas put it during the interview, this hybrid model addresses "client demand to do things like stablecoins" while leveraging JPMorgan's strengths in cash management.

The bank's enthusiasm extends to its proprietary deposit token, JPMD (JPM Coin Deposit), which entered a pilot phase on Coinbase's Base network in June. JPMD functions as a programmable dollar token, enabling instant, 24/7 transfers for wholesale payments. With clearer U.S. regulations on stablecoins following the passage of the Clarity for Payment Stablecoins Act in early 2025, JPMorgan sees JPMD as a compliant gateway for institutions wary of unregulated tokens like Tether's USDT.

This regulatory tailwind has emboldened JPMorgan and other key players in the sector. Recently, state Street Global Advisors recently projected that institutional digital asset allocations could reach 16% of portfolios by 2028, up from less than 1% today.

Looking beyond trading desks, Lucas offered a nuanced take on the fragmented blockchain landscape. Contrary to predictions of Ethereum dominance; he anticipates a multipolar future. Emerging networks like Solana, with its high-throughput capabilities, and layer-1 challengers such as Sui and Aptos, are vying for enterprise adoption. JPMorgan, Lucas hinted, plans to "be doing things in that space in the coming quarters," potentially through interoperability pilots or tokenization experiments. This aligns with the bank's Onyx by JPMorgan division, which has already tokenized real-world assets like money market funds, unlocking fractional ownership and faster liquidity.

Critics might argue that JPMorgan's involvement risks co-opting crypto's decentralized ethos, turning it into just another profit center for banks. Yet, proponents counter that institutional inflows, could inject legitimacy and stability, deterring retail excesses like the 2022 FTX collapse.

For JPMorgan's high-net-worth and institutional clients, the trading services promise seamless access to spot markets for Bitcoin, Ethereum, and select altcoins, likely routed through regulated exchanges like Coinbase or Kraken. This could lower barriers for conservative investors, who have historically shunned crypto due to compliance concerns.

The ripple effects could extend globally. In Europe, where MiCA regulations have harmonized crypto rules, JPMorgan's move might spur competitors like Deutsche Bank to accelerate their own pilots. In Asia, where stablecoin usage powers remittances, JPMD's expansion could challenge local players like Ripple's XRP.

Information Sources:

• CNBC
• Cointelegraph
• Bitcoin Magazine

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