JPMorgan Chase, one of the world’s largest traditional finance institutions, is preparing to step further into the crypto market by developing trading services for digital assets, according to Scott Lucas, the bank’s Global Head of Markets and Digital Assets.
Speaking on CNBC’s Squawk Box Europe, Lucas confirmed that the firm is actively working on offering crypto trading options for clients, though direct crypto custody is not part of its immediate plans.
“We’ll be involved in trading, but custody isn’t on the near-term horizon,” Lucas stated, adding that the bank is still assessing its risk appetite and exploring what “the right custodians” might look like for its operations.
This approach mirrors the cautious tone of CEO Jamie Dimon, who has gradually softened his stance on crypto after years of skepticism. In recent months, Dimon has acknowledged the potential of blockchain technology and even called himself a believer in stablecoins, highlighting the company’s evolving attitude toward digital assets.
The ‘And’ Strategy: Building on Both Traditional and Digital
Lucas described JPMorgan’s perspective as an “and” strategy — meaning the bank is expanding into crypto without abandoning traditional financial markets.
“We’re not choosing between the old and the new,” Lucas explained. “We’re exploring opportunities on both sides — traditional markets and emerging blockchain models.”
This philosophy aligns with JPMorgan’s growing presence in blockchain-related ventures. Earlier this year, the firm collaborated with Coinbase and launched its JPMD deposit token pilot on Base, Coinbase’s Layer-2 network. The initiative aims to make institutional payments and settlements faster and more efficient.
Stablecoins and Multi-Chain Opportunities Ahead
Lucas also noted that the bank is studying to meet rising client demand for blockchain-based financial tools.
