As per July 19 reports, advisors in JPMorgan’s $630 billion wealth management division, now accept orders to trade crypto products. JPMorgan allows investments into Crypto Funds like Grayscale’s Bitcoin Trust, Bitcoin Cash Trust, Ethereum Trust, Ethereum Classic Products, and Osprey Funds’ Bitcoin Trust and others.
Although CEO Jamie Dimon called bitcoin a dangerous fraud in 2017, various deputies acknowledged that client demand might change that. JPMorgan became the first major US bank to provide all wealth-management clients with access to bitcoin and other cryptocurrency funds.
“We are excited to be associated with the JPMorgan wealth platform” said by Greg King, founder, & CEO of Osprey Funds. “OBTC remains a reasonably publicly traded bitcoin fund in the US and believing JPM clients will see it too,” he added.
The new policy is applicable to all the clients of JPM. Advisors are not allowed to suggest any crypto products to clients and the clients must ask to make crypto trades.
Earlier, JPM allowed only private wealth clients to invest in bitcoin funds, with crypto firm NYDIG providing custody services.
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Mary Callahan Erdoes, JPM asset and the wealth-management chief said that many of the clients want to invest in digital currency.
Sources say that now observers will keenly look if other Wall Street banks will offer limited crypto exposure to select clients to follow suit. In March, Morgan Stanley began offering clients with $2 million in assets held access to 3 funds with bitcoin exposure. In June, Goldman Sachs started offering crypto futures trading to institutional clients and hedge funds.
JPMorgan’s new fund product, however, will be its first directly dependent on bitcoin’s performance.
