According to news sources, global investment bank JPMorgan is going to offer all its clients access to 5 cryptocurrency funds. This move signifies a faster mainstream adoption of cryptocurrency. Before this, the opportunities to invest in actively managed bitcoin funds were only open to ultra-wealthy clients. JPMorgan decided on this move because many of their clients had expressed interest in investing in Bitcoins, which they considered an important digital asset class.
With this move, JPMorgan has become the first bank in the United States to allow its financial advisors to offer crypto funds to retail wealth management clients. From July 19, the wealth management division of JPMorgan can buy and sell orders of the following five crypto products, which consist of 4 Grayscale funds and 1 Osprey fund.
· Grayscale Bitcoin Trust
· Grayscale Ethereum Trust
· Grayscale Bitcoin Cash Trust
· Osprey Bitcoin Trust
· Grayscale Ethereum Classic Trust
This new policy will apply to all clients, including the self-directed clients who use the commission-free trading app called Chase. Besides them, the affluent clients of JPMorgan advisors and the richest tier of clients will also be able to avail this opportunity. However, the wealth management advisors have been asked not to make any crypto recommendations to the clients.
It is important to note that in 2017, JPMorgan CEO Jamie Dimon reprimanded employees from trading bitcoins and also advised most people to stay away from cryptocurrencies. However, the investment bank has now recognized Bitcoin as an important digital asset. With this move, JPMorgan has come a long way as far as cryptocurrency is concerned.