JPMorgan is positioning itself for a deeper push into digital assets, with plans to introduce cryptocurrency trading services while holding off on direct asset custody, according to comments made by Scott Lucas, head of the bank’s Global Markets and Digital Assets division.
In an interview with CNBC, Lucas said the bank is preparing to “expand its footprint” in crypto markets through trading and blockchain-based infrastructure but remains cautious on custodial responsibilities. The final rollout, he noted, will depend on regulatory clarity and internal risk reviews.
Lucas described JPMorgan’s approach as an “and” strategy, integrating blockchain technology while maintaining its traditional financial services. This dual-track model underpins the firm’s digital evolution, which already includes partnerships with Coinbase and the development of its own deposit token, JPMD, now being trialed on the Base blockchain network.
Rather than committing to a single ecosystem, JPMorgan is reportedly pursuing a multi-chain approach, recognizing the competitive landscape among blockchain networks. “Diversification will be key,” Lucas said, framing interoperability as an advantage for financial institutions entering Web3.
The shift signals a measured but meaningful pivot for the world’s largest bank, which has gradually softened its stance on crypto. While JPMorgan CEO Jamie Dimon has long criticized digital currencies, the firm’s growing blockchain initiatives suggest that institutional integration is accelerating, even among the most traditional players on Wall Street.