JPMorgan becomes the first U.S. bank to offer crypto funds to high net worth individuals
On Thursday, July 22, Business Insider announced that JPMorgan had given the green light to its advisers to offer crypto fund services to clients. This is the first time that the American bank has extended its crypto services from ultra-rich clients to high-net-worth clients!
In a note released earlier this week on Monday, the bank said its $ 630 billion wealth management division will begin accepting buy and sell orders for five crypto funds. This includes the Grayscale Bitcoin Trust (GBTC), Bitcoin Trust of Osprey Funds, Bitcoin Cash Trust, Ethereum Trust, and Ethereum Classic products.
From CEO Jamie Dimon calling Bitcoin a âfraudâ in 2017, to offering crypto funds to its customers, JPMorgan has come a long way. Traditional banking giants are obviously seeing a major shift in the global financial space with cryptocurrencies emerging as a popular asset class.
Not only JPMorgan, but even America’s oldest bank BNY Mellon also strives to offer crypto trading solutions to its clients. Speaking to Forbes, Greg King, Founder and CEO of Osprey Funds, said:
âWe 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 clients will see the value of the product â.
Brief information about banking services
With the move from the Wall Street giant, JPMorgan clients looking for investment advice will be able to access the services of these crypto funds. This includes the bank’s self-directed clients who use the commission-free Chase trading app.
In addition, it also includes affluent and high net worth clients whose assets are managed by JPMorgan’s professional financial advisors. All crypto traders will only perform at the request of customers. Additionally, advisers are not permitted to recommend crypto products.
This customer diversification is a welcome move, suggesting that more banks will follow very soon. Additionally, it gives retail players an equal chance to participate in the emerging crypto space through regulated platforms.
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