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On Thursday, July 22, Business Insider reported that JPMorgan has given a go-ahead to its advisors to offer clients crypto fund services. This is for the first time that the U.S. bank is expanding its crypto services from just ultra-wealthy clients now to retail-wealthy clients as well!
In a memo published earlier this week on Monday, the bank said that its $630 billion wealth management division will start accepting buy and sell orders for five crypto funds. This includes the Grayscale Bitcoin Trust (GBTC), Osprey Fundsā Bitcoin Trust, Bitcoin Cash Trust, Ethereum Trust, and Ethereum Classic Products.
From CEO Jamie Dimon calling Bitcoin a āfraudā back in 2017, to now offer crypto funds to clients, 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 just JPMorgan but even Americaās oldest bank BNY Mellon is also working on offering crypto trading solutions to its clients. Speaking to Forbes, Greg King, founder and CEO of Osprey Funds said:
āWe are excited to be onboarded to the JPMorgan wealth platform. OBTC remains the lowest-priced publicly traded bitcoin fund in the U.S. and we believe JPMorganās clients will see value in the productā.
Brief Details of the Banking Services
With this move from the Wall Street giant, JPMorgan clients seeking investment advice will be able to access services to these crypto funds. This includes the bankās self-directed clients that use the commission-free Chase trading app.
Besides, it also includes mass affluent and wealthy clients whose assets are managed by JPMorganās professional financial advisors.Ā All crypto traders will happen only at clientsā request. Besides, advisors arenāt allowed to recommend crypto products.
This diversification of client-base is a welcome move suggesting more banking will follow the suit very soon. Furthermore, it gives an equal opportunity for retail players to participate in the emerging crypto space through regulated platforms.
The post JPMorgan Becomes First U.S. Bank to Offer Crypto Funds to Retail Wealthy Clients appeared first on Coingape.
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.