Another big US investment institute, Wells Fargo to offers crypto funds despite the recent meltdown in the crypto market. On Wednesday Wells Fargo said, it would introduce professionally managed funds for its more wealthy clients.
The report titled “The Investment Rationale for cryptocurrencies” saws Wells Fargo Investment Institute(WFII) views digital assets as an alternative investment. It is the latest move by major US banks towards accepting cryptocurrency.
“WFII believes that crypto-currencies have gained stability and viability as assets, but the risks lead us to favor investment exposure only for qualified investors and even then through professionally managed funds,” it said.
Earlier, Goldman Sachs also announced offering bitcoin investments to its wealth management clients. In March, Morgan Stanley became the first big US financial institution to offer wealth management clients “high risk tolerance” access to bitcoin funds. JP Morgan Chase is also preparing to let some clients invest in actively managed funds for the first time.
Bitcoin price falls below $34,000 for the first in three months, with a sell-off of other digital currencies including Ethereum and Dogecoin.
