Wall Street Giants JPMorgan Reveal Plans to Offer Clients Cryptocurrency Funds

JPMorgan has issued its financial advisors permission to give all its wealth-management-pp clients access to cryptocurrency funds. This move makes it the first large bank to expand crypto trading access beyond just ultra-wealthy clients.

JPMorgan’s advisors can execute only “unsolicited” crypto trades. Advisors cannot recommend the products but can buy or sell on behalf of a client’s request.

The bank informed advisors that they can now take orders to trade five cryptocurrency products. They include; Grayscale’s Bitcoin Trust, Bitcoin Cash Trust, Osprey Funds’ Bitcoin Trust, Ethereum Classic products, and Ethereum Trust.

Advancing Wealth Management Business

JPMorgan has been working hard to grow its $630 billion wealth-management business to greater heights. An individual linked to the bank said it applies to all JPMorgan clients. Investors who require investment advice and the bank’s self-directed clients can use its commission-free Chase trading app.

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Wealth managers are taking the time to learn digital currencies as investors continue to enquire more. A Grayscale spokeswoman said that there’s been a noticeable uptick in digital currency adoption. Osprey Funds also confirmed that they will now offer their funds to JPMorgan’s clients. Also, they expressed their excitement to work with the bank on digital currency.

Major Milestone for JPMorgan

The bank is figuring out the best ways to offer Bitcoin. It involves Grayscale Bitcoin Trust (GBTC) – the world’s largest Bitcoin fund – and other crypto-related products through their platforms.

The move is a significant turning point in the bank’s digital asset offerings since its CEO, Jamie Dimon, threatened in 2017 to fire employees who traded bitcoin. This left employees who were trading bitcoin in abject misery. Dimon has since changed tune towards crypto. However, he said he was still not a supporter of the asset class despite its growing demand.

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The bank’s asset and wealth-management chief, Mary Callahan Erdoes, said that most clients view crypto as an asset class and want to invest in it. Banks like Goldman Sachs, Morgan Stanley, and Bank of America do not offer retail wealth clients direct access to crypto products. Morgan Stanley was the initial major bank to begin offering crypto services to wealthy clients. Their clients with at least $2 million in invested assets gain access to bitcoin funds. Also, they are the benefactors through a partnership with Galaxy Digital earlier this year.