In what is a major announcement for the banks’ continued Cryptocurrency shifts, JPMorgan will officially begin to accept bitcoin and other crypto-based ETFs as collateral for loans. In fact, $ 3.6 trillion asset manager will start to provide funding for products such as Blackrock’s Ishares Bitcoin Trust (Ibit), according to Bloomberg.
The decision is in line with a growing emotional shift for the Cryptocurrency sector in traditional financing. JPMorgan CEO Jamie Dimon Has long been a skeptic when it comes to the potential for bitcoin and other crypto courses. Nevertheless, the company has continued to engage in and integrate the asset class into its offers over the past year.
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JPMorgan offers funding against Bitcoin ETFs in landmark decision
During the first five months of the year, the United States has firmly embraced a strong policy shift in the Cryptocurrency market. US president Donald Trump has appeared as the first real pro-crust manager in the country’s history. With its appointment, the administration has placed a clear focus on favorable regulation for the asset class.
It has forced traditional banks to think about how they work in the industry. Thus, a continued shift towards integration and adoption has taken place. In fact, JPMorgan has become an important face for that movement, as they will now accept bitcoin and crypto -etfs as collateral for loans.
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This shows that the bank will start to show Cryptocurrencies in the same way as shares or different similar assets. The move is quite surprising considering JPMorgan CEO Jamie Dimon’s position on the availability. IN January this year He called Bitcoin a “Ponzi schedule” without value. Since then, it has set a new $ 111,000 highest time and has become very integrated into the bank’s operations.