Last Minute: JPMorgan with Total Assets of $2.8 Trillion to Provide Crypto Services
JPMorgan Chase, one of the largest financial institutions headquartered in America, became the first bank to provide crypto services to retail customers. JPMorgan is the first major bank to offer retail asset clients access to crypto funds.
JPMorgan Takes Steps For Crypto.
It was shared as a last-minute information that Insider JPMorgan authorized advisors to trade crypto for their clients. Previously, crypto trading was opened by some banks to very wealthy customers. With the step taken by JPMorgan, it became the first major bank to serve in this field. Bitcoin price remains above $32,000.
JPMorgan has taken an important step to expand its $630 Billion asset management business. The bank opened five crypto products to advisors earlier this week, four from Grayscale Investments and one from Osprey. Advisors will now be able to enter buy/sell orders for these funds.
JPMorgan Crypto Decision
This step will allow all JPMorgan clients (especially retail clients) seeking investment advice to make crypto investments through financial advisors under JPMorgan Advisors. Advisors will only be able to open positions in line with customer requests, and will not be able to offer investment advice on crypto. Grayscale’s Bitcoin Trust, Bitcoin Cash Trust, Ethereum Trust, and Ethereum Classic tools will be available, along with Osprey Funds’ Bitcoin Trust funds.
Coindesk previously announced that JPMorgan will launch a Bitcoin fund for private clients before the end of the summer. The move comes after JPMorgan CEO Jamie Dimon threatened to fire employees who traded bitcoin in 2017. Only from here can we understand how much acceptance and respectability Bitcoin (BTC) has gained over time. Mary Callahan Erdoes, JPMorgan’s head of wealth and wealth management, recently said that a significant portion of JPMorgan’s clients want to invest in cryptocurrencies.