The Banks Are Here — JPMorgan Just Made Bitcoin Collateral
This episode discusses JPMorgan's groundbreaking decision to accept Bitcoin and Ethereum as loan collateral by year end, marking a significant shift in traditional banking's approach to cryptocurrency. The hosts analyze how this development represents a new epoch in asset collateral progression, moving from gold pre-1971 to treasuries post-1971, and now to Bitcoin. The episode also covers OnRamp's new business custody product for institutional Bitcoin treasury management and multi-institution governance controls.
Show Notes
Presented collaboratively by Early Riders & Onramp Media…
Final Settlement is a weekly podcast covering capital markets, dealmaking, early-stage venture, bitcoin applications and protocol development.
00:00 – Cold open: Friday/Sunday pump banter; “the banks are here” kickoff 02:11 – JPMorgan to accept BTC/ETH as collateral by year-end 11:41 – Fortress/Prime Trust fallout: single-custodian risk and insolvency lessons 16:19 – Notable deals of the week 25:31 – FalconX to buy 21Shares: ETFs as on-ramp; options liquidity migration 26:41 – Crypto M&A surges; Q3 deal value and what 2026 might look like 32:08 – Coinbase buys Echo (and UpOnly) 38:56 – Tether roundup: AI ambitions, USAT, and the Rumble token (RUM) 46:54 – Convergence of AI and digital assets 53:53 – ETH dev flight to Tempo; centralization tradeoffs and incentive-driven pivots 58:15 – The state of the greater digital assets industry 1:08:28 – Macro week preview
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