Representations of cryptocurrencies are seen in this illustration, August 10, 2022. REUTERS/Dado Ruvic/Illustration/ File Photo Purchase Licensing Rights , opens new tab

July 22 (Reuters) – JPMorgan Chase (JPM.N) , opens new tab is exploring plans to offer loans backed by clients’ cryptocurrency holdings, including bitcoin and ethereum, as early as next year, the Financial Times reported on Tuesday, citing people familiar with the matter.

Sign up here.

CEO Jamie Dimon, a longtime bitcoin skeptic, recently said that the bank will be involved in stablecoins.

JPMorgan declined to comment to the FT. The bank did not immediately respond to a Reuters’ request for comment outside regular business hours.

In May, Dimon told investors that he is “not a fan” of the bitcoin universe citing concerns, including leverage, misuse, and money laundering issues in the system, ruling out getting into custody – storing crypto assets for clients – or expanding significantly even if regulations ease.

“We’re going to allow you to buy it, we’re not going to custody it,” he said, likening the approach to permitting behavior he personally disagrees with.

Reporting by Bipasha Dey in Bengaluru; Editing by Mrigank Dhaniwala and Nivedita Bhattacharjee

Our Standards: The Thomson Reuters Trust Principles. , opens new tab