JPMorgan Chase has become the latest US investment bank to allow its wealthy clients to gain exposure to cryptocurrencies via investment funds.
JPMorgan’s Wealthy Clients Can Now Buy And Sell Crypto Funds
JPMorgan Chase, one of the leading banks in the United States, has reportedly allowed its wealthy clients to gain access to Bitcoin and a host of other cryptocurrencies. This is according to sources familiar with the matter who told Business Insider.
According to the report, the bank has given its nod of approval to its financial advisors, allowing them to grant wealthy clients access to cryptocurrencies via crypto funds. The report added that JPMorgan is eager to grow its wealth management business and has approved the access to cryptocurrency funds.
Per the report, wealthy clients can gain access to cryptocurrencies via funds such as Osprey Funds’ Bitcoin Trust, Grayscale’s Bitcoin Trust GBTC, Bitcoin Cash Trust, Ethereum Trust, and Ethereum Classic vehicles. The sources stated that the financial advisors had been advised to start taking buy and sell orders from their wealthy clients starting July 19.
Investment Banks Are Opening Up To Cryptocurrencies
The cryptocurrency market has gained massive institutional investors over the past year. The interest from wealthy clients and institutional investors convinced some of the major banks such as JPMorgan, Morgan Stanley, Goldman Sachs and Citigroup to look at cryptocurrencies in a positive light.
The investment bank announced in April this year that it is working on allowing its wealthy clients to access cryptocurrencies. Spokespersons for both Grayscale and Osprey Funds told Business Insider that their funds are available to JPMorgan’s clients.
By making this move, JPMorgan joins the likes of Morgan Stanley and Goldman Sachs in offering access to cryptocurrencies. Morgan Stanley partnered with Galaxy Digital in April to offer wealthy clients access to bitcoin funds. The wealthy clients are those with at least $2 million in invested assets.
Bitcoin’s price is up by over 1% over the past 24 hours as it slowly climbs towards the $32k region. The rally comes after Bitcoin fell below the $30k mark last week.