Key Takeaways
- JPMorgan to allow wealth management clients exposure to cryptocurrencies
- Clients can access Grayscale and Osprey crypto funds
- Latest development is part of a change in policy towards crypto assets
JPMorgan has reiterated its commitments towards offering cryptocurrency services, according to news from Business Insider. The report claims that JPMorgan has given the green light from financial advisers to allow wealth managers to provide cryptocurrency exposure to clients.
Institutional clients can now access different crypto funds including Grayscale’s Bitcoin, Bitcoin Cash, Ethereum and Ethereum Classic trusts and Osprey’s bitcoin trust. JPMorgan will also allow wealth managers to make trades upon formal requests from clients within a fully regulated environment.
This move follows a recent interview from JPMorgan executive Mary Callahan Erdoes. Erdoes informed Bloomberg earlier in the week that several clients had requested for cryptocurrencies. According to her, institutional clients consider crypto assets like Bitcoin a proper investment vehicle and want to bag some in their portfolio.
Although this vision is not yet fully and officially shared by JPMorgan, the bank's senior manager considers it essential to respond to investor demand. This she concludes would help investors make the right choices and not lose money.
JPMorgan has long had a mixed position towards cryptocurrencies. In 2017, its CEO Jamie Dimon called Bitcoin a scam and warned against using the crypto-asset. However, the tide has since turned, and the bank has softened its stance towards crypto assets.
In conclusion, this development from JPMorgan is a significant step towards the adoption of cryptocurrencies.
What do you think about JPMorgan's decision to provide crypto services?
