Sumary of Bitcoin About-Face: JPMorgan Opens Crypto Trading To All Clients:
- [+] speaks on September 25,2019 in New York,US. (Photo by Misha Friedman/Getty Images) Getty Images In an ironic twist given CEO Jamie Dimon’s well-established distrust of the industry, JPM JPM organ has reportedly become the first major US bank to provide all wealth-management clients with access to bitcoin and other cryptocurrency funds.
- Advisors in JPMorgan’s $630 billion wealth management division can now accept orders to buy and sell five crypto products including Grayscale’s Bitcoin Trust, Bitcoin Cash Trust, Ethereum Trust, Ethereum Classic products, and Osprey Funds’ Bitcoin Trust.
- OBTC remains the lowest-priced publicly traded bitcoin fund in the U.S. and we believe JPMorgan’s clients will see value in the product,” Greg King, founder and CEO of Osprey Funds, told Forbes.
- Advisors are not allowed to recommend crypto products to clients, and the clients must ask to make crypto trades.
- Previously, JPM only allowed private wealth clients to invest in an actively managed bitcoin fund, with crypto firm NYDIG providing custody services.
- MORE FOR YOU Observers will now look to see if other Wall Street banks that have also offered limited crypto exposure to select clients follow suit.