Breaking: JPMorgan Dives Deeper Into Crypto with Bitcoin ETF-Backed Loans

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JPMorgan Chase, the leading U.S. banking institution by total assets, is rolling out a new service that will make it possible for some of its clients to borrow money while using cryptocurrency-based exchange-traded funds (ETFs) as collateral, according to a Wednesday report by Bloomberg.

The banking titan will initially start supporting loans backed by BlackRock's IBIT, which is the most successful ETF by a large margin

Until now, JPMorgan would only allow such loans on a case-by-case basis, but such a practice will be expanded

As reported by U.Today, JPMorgan CEO Jamie Dimon, who is known as one of the most stubbornly anti-Bitcoin voices in traditional finance, previously stated that he would allow clients to buy the leading cryptocurrency despite his personal aversion to it

In a Q1 13F filing, JPMorgan revealed that it had some exposure to Bitcoin ETFs

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