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JPMorgan clients will now be able to get access to virtual currencies if they decide to do so. The investment bank is now making it possible for wealth management clients to get access to cryptocurrency trading. This is according to a recent report released by Insider on Thursday. In this way, the bank becomes one of the first to offer users exposure to virtual currencies.
JPMorgan Offers Crypto Exposure to Clients
The cryptocurrency market has recently received support from one of the largest investment banks in the world. JPMorgan wealth clients are now able to get exposure to virtual currencies. There are five crypto products available for investors.
Four of these five crypto investment products have been created by Grayscale Investments. The solutions that are currently available for investors include Bitcoin Trust, Bitcoin Cash Trust, Ethereum Trust and Ethereum Classic Trust.
It is also worth mentioning that investors using the bank’s trading app whose funds are managed by JPMorgan advisors would be able to get access to the bank’s solutions and new crypto-related investment products. However, these advisors would not be able to recommend crypto products. Thus, they would only be able to operate them if they receive the request from the investor.
This is also very important considering this is one of the first investment banks that offer users to get access to cryptocurrency products. Other banks such as Goldman Sachs or Morgan Stanley are also offering clients access to crypto trading solutions.
There has been a massive transformation of the cryptocurrency industry in recent years. The CEO of JPMorgan Jamie Dimon has been against Bitcoin (BTC) and cryptocurrencies for several years now. Despite that, the bank is now becoming a leader in the industry offering users different crypto-related funds to get access to the virtual currency market.
The bank is now showing a growing interest in digital assets and it has many times mentioned cryptocurrencies on reports. This decision to roll out a new crypto service to clients is also part of the expansion of the virtual currency market.
Bitcoin (BTC) expanded from below $6,000 in 2020 to over $60,000 in 2021. Nowadays, the virtual currency is being traded close to $33,000 and it could continue growing in the future. As the market continues expanding, it would make it possible for new investors to purchase Bitcoin and other virtual currencies in the future. This increases the possibility of new traders of getting access to Bitcoin.