JPMorgan is preparing to deepen its involvement in blockchain and digital assets by developing cryptocurrency trading services, according to one of its top executives.
Scott Lucas, the bank’s global head of markets and digital assets, told CNBC’s Squawk Box Europe on Monday that while JPMorgan is exploring ways to offer crypto trading, direct custody of digital assets is “not on the horizon near-term.”
When asked whether the bank would follow competitors like Citibank in providing crypto custody services, Lucas clarified that such plans are not currently being pursued, but emphasized that JPMorgan remains committed to expanding its crypto-related offerings in the trading sector.
“I think Jamie Dimon, the CEO JPMorgan, was pretty clear on investor day that we’re going to be involved in the trading of that, but custody is not on the table at the moment.”
Scott Lucas
JPMorgan Embraces a Broader “And” Strategy for Crypto Expansion
During the interview, Scott Lucas said JPMorgan is adopting what he called an “and” strategy, meaning the bank aims to pursue multiple opportunities across the crypto and blockchain space rather than concentrating on a single direction.
Scott explained that the company plans to build on both its existing market presence and new ventures, viewing them as complementary rather than mutually exclusive.
In 2025, JPMorgan has begun broadening its involvement in digital assets through several initiatives, including partnerships with major industry players such as Coinbase.
