- JPMorgan will now offer Bitcoin to its retail customers, expanding the product it offers to its ultra-wealthy customers.
- The bank is the first in the United States to do so and with the new product Bitcoin has a new $ 630 billion market to tap into.
JPMorgan made cryptocurrency history by becoming the first bank in the United States to offer Bitcoin to retail customers. According to a new report, the bank will expand a product it offers to its ultra-wealthy customers, and with that, it opens up Bitcoin to a new $ 630 billion market.
The decision to expand its Bitcoin products was made earlier this week, Business Insider reveals. Citing sources inside the bank, the publication revealed that the New York-based bank had sent a note to its financial advisers telling them to accept buy and sell orders from its wealth management clients for five products. cryptographic.
Of the five products, four are offered by crypto giant Grayscale. These are its Bitcoin Trust, Bitcoin Cash Trust, Ethereum Trust, and Ethereum Classic products. The only non-Grayscale crypto product that JPMorgan will offer to its clients is the Bitcoin Trust of Osprey Funds.
Osprey Funds, which operates two other trusts – Polkadot and Algorand – expressed enthusiasm for inclusion through its founder and CEO Greg King. Speaking to Forbes, he said:
We are delighted to be integrated into the JPMorgan wealth management platform. OBTC remains the cheapest publicly traded bitcoin fund in the United States and we believe JPMorgan customers will see the value of the product.
Also Read: Bitcoin Heads For Bear Market, JPMorgan Warns As Crypto Seems Stuck At $ 37,000
If you can’t beat them join them
According to Business Insider, JPMorgan advisers are only allowed to execute unsolicited crypto transactions. They can’t recommend products – they only sell and buy on behalf of customers.
Crypto products will be available to all clients looking for investment advice, including those using its Chase trading app. It will also be available to high net worth clients of its JPMorgan Advisors division. This is in addition to his top clients, who are the wealthiest people he serves through his private bank.
JPMorgan, which is the largest bank in the United States and the sixth largest in the world, allows its clients to invest in an actively managed Bitcoin fund. Crypto firm NYDIG provided custodial services for the fund.
And although it is now developing its crypto products, JPMorgan has not always been a big fan. In fact, its CEO Jamie Dimon is still not too excited about decentralized currencies. In 2017, he threatened to fire employees who traded BTC, the same product he now urges them to trade for customers.
He was also a vocal critic of the industry. He once attacked BTC saying, “I’m not a bitcoin fan. I don’t care about bitcoin. I have no interest in it. On the other hand, customers are interested and I don’t tell them what to do.
It has become the bank’s attitude towards crypto – if you can’t beat them, join them.
This week, Mary Callahan, CEO of Bank Asset and Wealth Management, told Bloomberg:
A lot of our clients say it’s an asset class and I want to invest. Our job is to help them put their money where they want to invest.