JP Morgan is reportedly now allowing wealth management clients to access institutional Bitcoin and crypto funds.
Business Insider obtained an internal memo from JP Morgan that indicates the bank’s wealth management clients can now take buy and sell orders for Grayscale Bitcoin Trust, Bitcoin Cash Trust, Ethereum Trust, Ethereum Classic products, and Osprey Funds’ Bitcoin Trust.
[adinserter block="1"]The wealth managers may only execute crypto trades if their clients request it, and they cannot recommend crypto products, according to Business Insider. The memo indicates the policy change occurred on July 19th.
JPMorgan’s foray into cryptocurrencies contrasts with the previously stated views of the bank’s chief executive Jamie Dimon, who once called Bitcoin a “fraud” and “worse than tulip bulbs.”
In March, Morgan Stanley became the first big bank in the US to grant its wealthy clients access to Bitcoin funds. Morgan Stanley is limiting Bitcoin investments to 2.5% of a client’s net worth.
In April, CoinDesk reported that JP Morgan was planning to unveil an actively managed Bitcoin fund. The Bitcoin asset manager New York Digital Investment Group (NYDIG) is expected to provide custodial services for the fund.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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