Banking titans JPMorgan and Wells Fargo are gearing up to launch new Bitcoin funds in collaboration with crypto giant New York Digital Investment Group (NYDIG), according to filings with the U.S. Securities and Exchange Commission (SEC).
NYDIG is a Bitcoin-focused technology and financial services company and subsidiary of investment management company Stone Ridge Asset Management.
SEC documents show that Wells Fargo is on the move to launch a Bitcoin fund in partnership with the NYDIG. The banking giant will receive placement and servicing fees as they refer clients to NYDIG, which is the fund’s issuer.
JP Morgan is also teaming up with the crypto giant for a new Bitcoin fund, according to an SEC filing. The NYDIG will act as the fund’s issuer, and JP Morgan will earn servicing and placement fees for referring clients to NYDIG.
In July, JPMorgan announced it would be allowing all wealth management clients to access Bitcoin and other crypto-focused funds. In April, the company announced that it would be offering Bitcoin investments to its wealthy clients, also using NYDIG for custodial services.
JPMorgan’s gradual embrace of Bitcoin stands in contrast to what CEO Jamie Dimon has said in the past about Bitcoin and crypto. In 2017, Dimon referred to Bitcoin as a “fraud” and “worse than tulip bulbs,” though he did say that “blockchain is real.”
At time of writing, Bitcoin is trading at $50,112 according to CoinGecko.
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