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Advisers at the banking giant are reportedly only allowed to execute crypto trades at the direct request of a client rather than recommending the products themselves.
Major U.S. investment bank JPMorgan Chase is reportedly allowing advisers to execute crypto trades for more of its clients.
According to a Thursday report from Business Insider, retail wealth clients at JPMorgan now have access to cryptocurrency funds. A person directly familiar with the bankās move to the digital space said all JPMorgan clients seeking investment advice ā including those managed by financial advisers, retail investors using its trading app and clients serviced by the private bank ā would have the opportunity to invest in crypto.
JPMorgan clients now reportedly have access to the Grayscale Investmentsā Grayscale Bitcoin Trust, Bitcoin Cash Trust, Ethereum Trust and Ethereum Classic Trust, as well as Osprey Fundsā over-the-counter Bitcoin trust,Ā Osprey Bitcoin Trust.Ā Investors may request advisers execute crypto trades, but the bankās advisers may not be allowed to recommend crypto investments.
Related: Institutions have no appetite for Bitcoin at this price level: JPMorgan
The move follows a report that a large number of JPMorgan clients see cryptocurrencies, including Bitcoin (BTC), as an asset class. The companyās director of asset and wealth management, Mary Callahan Erdoes, said at the time that the bank would allow clients to āput their money where they want to invest,ā purportedly including crypto.
JPMorgan has had a complicated relationship with crypto since its creation. In 2017, CEO Jamie Dimon referred to Bitcoin as āfraud.ā However, recent reports have suggested that the company is allowing its clients more exposure to the space and is adopting blockchain solutions.
Related: Bitcoin short-term setup is challenging, JPMorgan strategists warn
In March, the bank said it had designed a new debt instrument that provides investors direct exposure to a basket of crypto-focused companies, including business intelligence firm MicroStrategy. In addition, the company recently posted that it would be hiring for positions focusing on blockchain technology, including software developers, engineers, marketers and auditors.
After dipping below $30,000 for the first time since January earlier this week, the price of Bitcoin has since risen to $32,322 at the time of publication.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.