What Happened: The New York-based financial services behemoth has decided to give its wealth management clients access to investing in crypto funds, Business Insider reported, citing an internal memo.
Advisors at the company’s wealth management division can now accept orders for buying and selling five crypto products,effective July 19, the report said.
The endorsed products include Grayscale Bitcoin Trust (OTC:GBTC), Grayscale Bitcoin Cash Trust (OTC:BCHG), Grayscale Ethereum Trust (OTC:ETHE), Ethereum Classic products, and Osprey Funds’ Bitcoin Trust.
All JPMorgan clients, including self-directed clients using the Chase trading app, affluent clients of JPMorgan Advisors and the richest tier of clients served by the private bank, will all have access to the service, the report said.
Advisors, however, will need to act on request and not recommend crypto products to clients, according to the report.
Related Link: Analyst Weighs In On JPMorgan Financial Results
Why It’s Important: JPMorgan’s reported move could prompt other big banks, which have now embraced cryptocurrencies on a limited scale, to take the full plunge. Some banks currently offer cryptocurrency access to select clients.
JPMorgan has not been a big fan of cryptocurrencies, with its CEO Jamie Dimon having voiced his opinion against Bitcoin (CRYPTO: BTC) many times in the past.
The bank’s investment banking division offers a crypto-adjacent investment product — a structured note — that is tied to the performance of bitcoin proxy stocks.
JPMorgan was also reportedly prepping to offer an actively managed bitcoin fund in partnership with NYDIG as its custodian.
Bitcoin, which peaked at over $60,000 in mid-April, has retreated substantially.
At last check, Bitcoin was trading up 2.04% at $32,319.10 and the Grayscale Bitcoin Trust was up 3.92% at $27.05.