JPMorgan Chase is advancing its involvement in the blockchain and cryptocurrency sectors by preparing to offer cryptocurrency trading services to its clients. However, the banking giant has confirmed that it does not intend to provide direct custody of digital assets in the near future.
Scott Lucas, JPMorgan’s Global Head of Markets and Digital Assets, shared these updates during an interview on CNBC’s Squawk Box Europe. When asked about the possibility of the bank following peers like Citibank in offering crypto custody, Lucas clarified that such services are not planned for the immediate future. Instead, the bank’s focus will be on enabling clients to trade cryptocurrencies.
“We’re going to be involved in crypto trading, but custody is not on the table at the moment,” Lucas stated. He highlighted that JPMorgan is carefully assessing its risk appetite related to crypto exposure, and that decisions about custody services would come later, if at all.
Lucas also mentioned that JPMorgan is actively exploring partnerships with suitable third-party custodians rather than taking on custody internally. This approach aligns with the firm’s broader strategy of selectively engaging with different facets of the crypto ecosystem.
The executive emphasized the bank’s “and” approach to the crypto market, indicating JPMorgan aims to engage with multiple opportunities simultaneously. “There’s the existing market and then there are new possibilities,” Lucas explained. “Our strategy isn’t about choosing one path to the exclusion of others; it’s about pursuing multiple avenues.”
JPMorgan has increased its footing in crypto and blockchain during 2025, strengthening collaborations with significant players such as Coinbase. This shift appears influenced by CEO Jamie Dimon’s evolving stance on digital assets. Notably, Dimon, once a vocal skeptic, recently expressed support for stablecoins and the potential of blockchain technology.
Lucas also spoke about JPMorgan’s launch of the JPMD deposit token, piloted on the Base blockchain platform. He described JPMD as a promising tool to enhance institutional client services particularly on the cash management side. Stablecoins remain a key area of focus as the bank monitors emerging regulations to shape its offerings.
On the matter of blockchain networks, Lucas indicated JPMorgan does not anticipate a single platform dominating the market, such as Ethereum. Instead, he foresees a competitive landscape with multiple layer-1 blockchains gaining traction. “We see opportunities across numerous public blockchains and intend to participate actively going forward,” he added.
JPMorgan’s measured approach reflects a balance between innovation and risk management within the evolving digital asset environment. By prioritizing crypto trading capabilities while postponing custody, the bank aims to expand its crypto offerings cautiously amid ongoing regulatory clarity.
