JP Morgan is reportedly now allowing wealth management clients to access institutional Bitcoin and crypto funds.
Business Insider obtained an internal memo from JP Morgan that indicates the bank’s wealth management clients can now take buy and sell orders for Grayscale Bitcoin Trust, Bitcoin Cash Trust, Ethereum Trust, Ethereum Classic products, and Osprey Funds’ Bitcoin Trust.
The wealth managers may only execute crypto trades if their clients request it, and they cannot recommend crypto products, according to Business Insider. The memo indicates the policy change occurred on July 19th.
JPMorgan’s foray into cryptocurrencies contrasts with the previously stated views of the bank’s chief executive Jamie Dimon, who once called Bitcoin a “fraud” and “worse than tulip bulbs.”
In March, Morgan Stanley became the first big bank in the US to grant its wealthy clients access to Bitcoin funds. Morgan Stanley is limiting Bitcoin investments to 2.5% of a client’s net worth.
In April, CoinDesk reported that JP Morgan was planning to unveil an actively managed Bitcoin fund. The Bitcoin asset manager New York Digital Investment Group (NYDIG) is expected to provide custodial services for the fund.
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