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JPMorgan Chase, the largest U.S. bank, has reportedly opened access to cryptocurrency funds for all of the clients of its wealth management division, according to Business Insider.
In U.S. banking first, cryptocurrency exposure will not be limited to wealthy clients.
In March, Morgan Stanley launched access to three Bitcoin funds, but the offering was only available to high-net-worth individuals due to the bank’s aggressive risk tolerance.
JPMorgan’s financial advisers are now allowed to execute trades with the shares of four Bitcoin, Bitcoin Cash, Ethereum, and Ethereum Classic funds of leading cryptocurrency asset manager Grayscale Investments. They will also be able to offer exposure to a Bitcoin fund operated by Osprey Funds.
In a recent Bloomberg interview, Mary Callahan Erdoes, JPMorgan's director of asset and wealth management, said that many of the bank's clients viewed Bitcoin as a new asset class:
A lot of our clients say, "That’s an asset class, and I want to invest," and our job is to help them put their money where they want to invest.