After years of being a staunch critic of the cryptocurrency universe, especially BTC, the largest bank in the US and one of the largest in the world, JPMorgan may soon offer cryptoassets to its customers.
JPMorgan plans to be prepared to respond to the growing demand for cryptocurrencies
The information was made public through one of the bank’s top executives during the RBC Capital Markets Global Financial Institutions Conference, in the USA.
According to Troy Rohrbaugh, Head of Global Markets at JPMorgan Chase, the banking giant will go where its customers are when it comes to cryptocurrencies.
According to him, the megabank plans to be prepared to respond to the growing demand for cryptocurrencies. In addition, he pointed to the fact that the industry is becoming more regulated.
Without offering details on the matter, he said that JPMorgan is preparing for an environment where clients trade a large number of digital assets, including NFTs, cryptocurrencies and BTC.
“It is extremely important for us to be present as these asset classes develop,” he said.
Rohrbaugh made it clear that the bank is interested in the opinion of its customers and not its CEO Jamie Dimon. He is known as a critic of cryptocurrencies and has even called BTC “rat poison”.
So even though Dimon thinks that buying BTC is “stupid,” the bank still promises to provide its customers with direct exposure to cryptocurrencies. Last August, for example, America’s largest bank by assets under management officially entered the crypto market with a passive BTC fund.
Also, the bank launched a dedicated blockchain unit called Onyx in October 2020. Umar Farooq, head of Onyx, recently opined that the cryptocurrency industry was still in its “Napster” era, referring to the popular file-sharing service since the early 2000s.