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JPMorgan is developing cryptocurrency trading services while ruling out direct crypto custody near-term; the bank will rely on third-party custodians and pilot projects like JPMD to serve institutional clients.
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JPMorgan will offer crypto trading services first, custody not on the near-term roadmap.
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Scott Lucas confirmed the bank’s “and” strategy to pursue multiple blockchain opportunities concurrently.
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Institutional pilots (JPMD on Base) and partnerships (e.g., Coinbase) underpin JPMorgan’s incremental approach.
JPMorgan crypto trading services: bank developing trading offerings while custody remains off the near-term table — read expert details and next steps from COINOTAG.
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JPMorgan executive Scott Lucas confirms crypto trading services are in development, but his firm is hesitant to handle crypto custody at the moment.
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JPMorgan is looking to scale up its blockchain and crypto exposure and is now developing plans to offer cryptocurrency trading services, according to a company executive. Custodying crypto directly is currently off the table, however.
Speaking on CNBC’s Squawk Box Europe on Monday, JPMorgan’s global head of markets and digital assets, Scott Lucas, was asked if the banking giant would follow competitors such as Citibank into custodying crypto for its clients. In response, Lucas explained that it’s not on the “horizon near-term” for the bank, but emphasized that it is looking to offer crypto trading services.
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“I think Jamie [Dimon] 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,” he said, adding that:
“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 and assessing market infrastructure before committing to direct custody.
Scott Lucas discussing JPMorgan’s blockchain sector approach. Source: CNBC
How is JPMorgan planning crypto trading services?
JPMorgan crypto trading services are being developed to provide institutional clients with on- and off-ramp execution while the bank evaluates custody arrangements. The bank aims to leverage pilot programs, partner integrations, and internal market infrastructure to offer regulated trading without immediately accepting custody risk.
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Why is custody off the near-term roadmap?
Lucas and other JPMorgan executives cite risk appetite, regulatory clarity, and operational complexity as primary constraints. The bank is monitoring regulatory developments and is actively evaluating external custodians. Public comments from CEO Jamie Dimon — who has softened his stance on stablecoins and blockchain — signal institutional interest but caution on full custody exposure.
What signals show JPMorgan’s gradual approach?
Evidence of an incremental strategy includes the JPMD deposit token pilot on Base (launched in June 2025), partnerships with industry participants referenced publicly by the bank, and commentary from leadership on pursuing an “and” approach. The bank’s decision to prioritize trading capabilities aligns with institutional demand and existing market infrastructure needs.
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Frequently Asked Questions
Will JPMorgan custody client crypto in 2025?
As of the latest comments on October 13, 2025, JPMorgan has stated that custody is not on the near-term horizon. The bank is evaluating third-party custodians and monitoring regulatory developments before making any custody commitments.
How will JPMorgan serve institutional clients who need custody?
JPMorgan plans to provide trading services and may partner with qualified custodians to meet client custody needs. The bank is exploring “the right custodians” and intends to integrate custody solutions only after assessing risk and operational requirements.
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Context and industry data
Institutional interest in digital assets is growing: State Street has published analysis forecasting higher digital asset allocations for institutions through 2028. Market participants continue to pilot deposit tokens and stablecoin-linked solutions. Official data from pilot programs like JPMD and public remarks made on mainstream financial broadcasts (CNBC) provide the factual basis for JPMorgan’s current stance.
Key Takeaways
- Trading-first strategy: JPMorgan is developing crypto trading services while deferring direct custody.
- Risk and regulation govern timing: Custody hinges on internal risk appetite and clearer regulation.
- Incremental deployment: Pilots (JPMD on Base) and partnerships will shape future product rollout; institutions should monitor developments and partner options.
Conclusion
COINOTAG reporting (published 2025-10-13, updated 2025-10-13): JPMorgan is moving deliberately into the crypto market with a focus on crypto trading services, while direct custody remains a secondary consideration pending regulatory clarity and risk assessment. Institutions and market observers should expect phased product launches and third-party custody partnerships as the bank scales its digital-asset offerings. Stay informed for further official updates from JPMorgan and regulatory announcements.
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Source: https://en.coinotag.com/jpmorgan-may-offer-crypto-trading-while-holding-off-on-custody-eyeing-ethereum-and-stablecoins/
