JPMorgan Chase, the largest bank in the US, has formally acknowledged that cryptocurrencies and blockchain technology could disrupt banks. The firm made this admission in its annual report, which was dated Feb. 27 and filed with the US Securities and Exchange Commission (SEC). Deep in the 301-page document, JPMorgan — which manages $2.53 trillion in assets according to recent estimates — listed cryptocurrencies and peer-to-peer technology as potential disruptors to financial institutions and payment processors. Notably, the report was signed by JPMorgan CEO Jamie Dimon, a noted Bitcoin skeptic who has repeatedly lambasted the flagship cryptocurrency as a “fraud” and once threatened to fire any employees caught trading cryptoassets, although he recently walked back some of these comments. JPMorgan is at least the third major financial institution to cite cryptocurrencies as a business risk in its annual report for 2017. Last week, Bank of America — the second-largest US bank — admitted that cryptocurrencies and other blockchain-based financial services present a threat to its business model, adding that it fears it anti-money laundering systems will need a facelift to account for cryptocurrency-related transactions.