JPMorgan is ramping up its efforts to expand in blockchain and cryptocurrency, with plans underway to introduce crypto trading services for its clients, according to a company executive.
However, direct crypto custody remains off the table for now.
During an interview on CNBC’s Squawk Box Europe on Monday, Scott Lucas, JPMorgan’s global head of markets and digital assets, was asked whether the bank would follow competitors like Citibank in offering crypto custody solutions.
Lucas clarified that while custody isn’t on the bank’s “near-term horizon,” JPMorgan is actively working toward enabling crypto trading capabilities.
“I think Jamie [Dimon] was pretty clear on investor day — we’re going to be involved in trading that,” Lucas said. “But custody is not on the table at the moment.”
“There’s a lot of questions around our own risk appetite and how far we wanna go down that path, from trading and other sides of it, and custody I guess would follow.”
Lucas said JPMorgan is currently exploring what “the right custodians” would look like for the firm.
JPMorgan’s “And” Approach to Crypto
In the interview, Lucas highlighted JPMorgan’s so-called “and” approach to digital assets — a strategy focused on pursuing multiple opportunities in the crypto and blockchain space simultaneously, rather than choosing one over another.
“When it comes to how we approach this, we’re very much taking an ‘and’ approach,” Lucas said. “There’s the existing market, and there are opportunities to do new things. Those ‘and’ opportunities aren’t exclusive — we’re looking to explore both.”
Throughout 2025, JPMorgan has steadily broadened its involvement in crypto and blockchain, forming partnerships with major industry players such as Coinbase.
This growing engagement appears to coincide with a shift in sentiment from CEO Jamie Dimon, who was once one of crypto’s harshest critics. In August, Dimon remarked that he had become a “believer in stablecoins” and acknowledged the value of blockchain technology, signaling a notable change in tone from the bank’s top leadership.
Discussing JPMorgan’s deposit token, JPMD, which entered its pilot phase on Base in June, Lucas said the bank is optimistic about the token’s potential to serve institutional clients—while also closely monitoring developments in the stablecoin space.
“When it comes to JPMD, I think it’s really exciting. There’s a real opportunity for us to explore how we can deliver new types of services for our clients on the cash side,” Lucas explained. “At the same time, we’re responding to growing client demand for products like stablecoins,” he added.
And that strategy is still emerging, as you can understand. It’s only really been a few months since we’ve had some more clear regulation around what the opportunity looks like.”
On the broader blockchain landscape, Lucas emphasized that JPMorgan does not anticipate a single network—like Ethereum—dominating the market or becoming the sole hub of activity.
Instead, he highlighted multiple opportunities for the bank to engage in the sector in the near future.
“I don’t think there will be just one. We initially expected some consolidation in the space, but now we’re seeing a wave of new layer-1 networks emerging,” Lucas said. “There’s a lot of room to participate in the public blockchain space, and we certainly see opportunities there. We plan to be active in this area in the coming quarters.”
