Leading US bank JPMorgan has reportedly given the green light to allow its wealthy clients to gain access to Bitcoin
The largest bank in the United States, JPMorgan Chase, has reportedly given the approval for its wealthy clients to gain access to cryptocurrency funds. This is according to a report by Business Insider yesterday.
The report said, “JPMorgan gave its financial advisors the green light to give all its wealth-management clients access to cryptocurrency funds, making it the first major US bank to do so, Insider has learned.”
Sources familiar with the matter told Business Insider that the bank notified its financial advisors in a memo issued earlier this to start taking buy and sell orders for five cryptocurrency products. The wealthy clients will gain exposure to cryptocurrencies via funds such as Grayscale’s Bitcoin Trust (GBTC), Bitcoin Cash Trust, Ethereum Classic Trust, Ethereum Trust, and Osprey Funds’ Bitcoin Trust.
Although JPMorgan is yet to make a public announcement, spokespersons for Grayscale and Osprey Funds confirmed that their respective funds are now available to JPMorgan’s wealthy clients. They added that they are excited to work with the investment bank on digital currency products.
This latest development comes months after JPMorgan Chase revealed that it was working on allowing its wealthy clients to gain exposure to cryptocurrencies. Morgan Stanley has already granted its wealthy clients access to cryptos, while Goldman Sachs and Citigroup have also made similar announcements.
Wealthy clients and institutional investors have been looking for ways to gain access to the cryptocurrency market. Rising inflation and other economic issues have convinced many to invest in Bitcoin, as they believe it is an inflation hedge as well as a risk-on alternative to low interest rates.
JPMorgan has had a complicated history with Bitcoin, with the CEO, Jamie Dimon, criticising the cryptocurrency on numerous occasions and firing staff who traded it.