JP Morgan, a leading bank in the United States, has decided to take the next step by expanding its ETF product offerings to include crypto.
In April 2021, it was announced that JP Morgan was starting an actively managed crypto ETF for select clients, very wealthy ones.
Now, the banking giant is expanding crypto funds to retail customers.
___________________________________________________________________
___________________________________________________________________
In a memo, JP Morgan has instructed wealth-management advisors that they could receive trading orders for five funds invested in cryptocurrencies – 4 are offered by Grayscale Investments and one is available from Osprey Funds.
The funds give investors indirect exposure to:
- Bitcoin
- Bitcoin Cash
- Ethereum
- Ethereum Classic
The investment vehicles are available to JP Morgan clients who use a variety of wealth-management products – self-directed customers that use the bank’s:
- Chase trading app
- Mass-affluent JPMorgan Advisors users
- Ultra-rich private bank customers
This move represents a 360-turn-around for an institution whose leader has previously described buying bitcoin as “stupid.”
In 2017, JPMorgan CEO, Jamie Dimon, threatened to fire employees who traded bitcoin.
JP Morgan has however become the first major bank to offer crypto exposure to a large swathe of their clients.
In 2019, the bank launched JPM coin, a digital currency that tracks the dollar, to facilitate payments with other commercial banks.
____________________________________________________________________
RECOMMENDED READING: Institutions Now Hold 3% of Bitcoin’s Supply – A Comprehensive List of Institutional Moves in Bitcoin in 2021 So Far
____________________________________________________________________
Thank you for your support by helping us create content:
BTC address: 3CW75kjLYu7WpELdaqTv722vbobUswVtxT
____________________________________________________________________
Follow us on Twitter for latest posts and updates
Join and interact with our Telegram community
_____________________
Subscribe to the channel below to keep updated on latest news on video:
______________________________________________________________________________
Open a Paxful Bitcoin Trading Account today!
______________________________________________________________________________
