JPMorgan flips. Crypto-backed loans incoming. Bitcoin and Ethereum as collateral. Dimon’s reversal smells like synthetic CDOs.
JPMorgan Chase is getting ready to lend against crypto. That is confirmed. The bank is now developing loan products backed by client-held Bitcoin and Ethereum. The Financial Times reported the move on July 22. A rollout could start next year. The irony is hard to ignore. Jamie Dimon once called Bitcoin “a fraud.” Now his …