JP Morgan, a leading bank in the United States, has decided to take another step forward by expanding its ETF product offering to include crypto.
In April 2021, it was announced that JP Morgan was launching an actively managed crypto ETF for selected, very wealthy clients.
Now the banking giant is expanding crypto funds to retail clients.
SEE ALSO: 87% of Bitcoin investments in 2020 were from institutional investors, dominated by asset managers, latest grayscale report reveals
In a memo, JP Morgan informed wealth management advisers that they can receive trading orders for five funds invested in cryptocurrencies – 4 are offered by Grayscale Investments and one is available from Osprey Funds.
The funds provide investors with indirect exposure to:
- Bitcoin Cash
- Ethereum Classic
Investment vehicles are available to JP Morgan clients who use a variety of wealth management products – self-directed clients who use:
- Chase trading app
- Very affluent users of JPMorgan Advisors
- Ultra-rich private banking clients
The move represents a 360-degree turnaround for an institution whose leader previously described buying bitcoin as “stupid.”
In 2017, JPMorgan CEO Jamie Dimon threatened to fire employees who traded bitcoin.
JP Morgan, however, became the first major bank to offer crypto exposure to a large portion of their clients.
In 2019, the bank launched JPM coin, a digital currency that tracks the dollar, to facilitate payments with other commercial banks.
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