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JP Morgan Grants Wealthy Clients Access To Five Crypto Funds


coinfomania.com 22 July 2021 20:42, UTC
Reading time: ~2 m

American multinational investment bank and financial services holding company JP Morgan has opened the way for its wealth management clients to trade cryptocurrency.

According to a recent report, JP Morgan will become the first American bank ever to grant all its wealth management clients open access to trade cryptocurrencies.

Earlier in April, Coinfomania reported that the investment bank has plans to launch a Bitcoin Fund for wealthy clients this summer. Today it has added four more crypto assets to its list.

The report, which cited unnamed sources familiar with the matter, noted that JP Morgan had instructed its financial advisors for wealth management clients to accept orders to buy and sell Bitcoin and four other cryptocurrency products, starting from July 19.

Financial advisors have access to four different Grayscale Investments products and one from Osprey Funds.

The list of crypto products approved for trade includes Ethereum Classic Products, Ethereum Trust, Bitcoin Cash Trust, and Bitcoin Trust from Grayscale Investment, along with Bitcoin Trust from Osprey Fund.

Furthermore, the latest move will accommodate all of JP Morgan’s clients who are interested in investment advice, along with clients onboard its Chase trading app.

Meanwhile, advisors do not have the liberty to specify which crypto product clients should trade with or should not trade. Instead, they can trade crypto products on request for their clients and unsolicited trades.

At this time, JP Morgan is one of the American banks to welcome cryptocurrency as an asset class, with over $3 trillion in asset worth.

The investment bank did not always have a favorable view of cryptocurrency. The bank’s CEO Jamie Dimon has in times past kicked in against cryptocurrency after he warned his bank traders to desist from it or face being sacked, saying that Bitcoin was a dangerous fund.

As the events turned out, most likely after the Covid 19 pandemic, the bank turned a new leaf towards trading cryptocurrencies. 

Today, JP Morgan has gradually metamorphosed from a Crypto critic to a crypto activist, even an advocate.

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