JPMorgan may offer cryptocurrency trading as custody appears unlikely in near term, executive says; Ethereum among networks bank eyes

• JPMorgan will offer crypto trading but not direct custody in the near term.

• Scott Lucas (global head of markets and digital assets) confirmed trading plans on CNBC and said the bank is assessing custodial partners and stablecoin demand.

• JPMorgan’s deposit token JPMD (pilot on Base) and evolving regulation are shaping bank strategy and client offerings.

JPMorgan crypto trading services: JPMorgan will offer crypto trading while custody remains off the near‑term roadmap; expert quotes and bank strategy COINOTAG.

By COINOTAG | Published: 2025-10-14 | Updated: 2025-10-14

JPMorgan executive Scott Lucas confirms crypto trading services are in development, but his firm is hesitant to handle crypto custody at the moment.

JPMorgan is scaling its blockchain and digital‑asset activity and is developing plans to offer crypto trading services to clients, according to the bank’s global head of markets and digital assets, Scott Lucas. The firm, however, says direct custody of client crypto assets is not on the near‑term agenda.

On CNBC’s Squawk Box Europe, Lucas reiterated that JPMorgan intends to engage in trading activity while remaining cautious about custodial risk. He said the bank is actively determining “the right custodians” it might partner with rather than custody assets itself for now.

“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,” Lucas said. “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 also highlighted JPMorgan’s ongoing work on the deposit token JPMD, launched in a pilot on Base, and the bank’s interest in stablecoins as complementary components of its cash and payments strategy. He noted that clearer regulation in recent months has helped shape the emerging strategy.

Scott Lucas discussing JPMorgan’s blockchain sector approach. Source: CNBC

What are JPMorgan’s crypto trading services plans?

JPMorgan crypto trading services are being developed for institutional clients, with the bank focusing on market access and trading capabilities rather than immediate custody of digital assets. The emphasis is on building trading infrastructure and evaluating custodial partners while monitoring stablecoin and token initiatives like JPMD.

Why is JPMorgan hesitant to provide crypto custody?

JPMorgan’s hesitation stems from risk‑appetite considerations and operational complexity. Scott Lucas indicated custody would “follow” trading only after the bank is comfortable with counterparty, regulatory, and technology risks. The firm is therefore exploring potential custodial partners and watching regulatory clarity, rather than deploying in‑house custody immediately. Official comments were delivered on CNBC; the bank also references investor day commentary from CEO Jamie Dimon and its JPMD pilot on Base as rationale for a measured approach.

Frequently Asked Questions

Will JPMorgan custody client cryptocurrency in 2025?

As of the October 14, 2025 update, JPMorgan has stated that custody is not on the near‑term horizon. The bank plans to offer trading services first and is assessing external custodians and regulatory developments before considering direct custody.

How did JPMorgan describe its approach to crypto on CNBC?

In plain language suitable for voice search: JPMorgan said it will pursue an “and” approach — participating in existing markets while exploring new blockchain and token opportunities — with trading prioritized and custody considered later after risk and partner evaluation.

Context and industry signals

JPMorgan’s shift reflects a broader institutional recalibration: banks and asset managers are increasingly building trading and settlement services while testing tokenized cash instruments and stablecoin use cases. Industry data (plain text reference: State Street analysis) indicates institutions plan to boost digital‑asset allocations over the coming years, lending context to JPMorgan’s expansion.

Key Takeaways

• Trading prioritized: JPMorgan will develop crypto trading services for institutional clients before offering custody.
• Custody under review: The bank is evaluating custodial partners and monitoring regulatory clarity and operational risk.
• Token and stablecoin focus: JPMD pilot on Base and interest in stablecoins are central to JPMorgan’s cash-side and client-service strategy; expect incremental rollouts in coming quarters.

Conclusion

JPMorgan is advancing crypto trading services while keeping direct custody off the immediate roadmap, preferring to partner with established custodians as it evaluates risk, regulation, and client demand. Scott Lucas’s comments on CNBC and JPMorgan’s JPMD pilot illustrate a cautious, multi‑pronged strategy. Watch for phased product launches and further updates from the bank and regulatory bodies. For continuing coverage and analysis, COINOTAG will track developments and publish updates as they occur.