JPMorgan Chase, the largest bank in the United States, now gives its customers access to six different cryptocurrency funds, including a new bitcoin (BTC) the bank’s own fund.
The huge US investment bank has already given access to five crypto funds in recent weeks. Four of the funds are from Grayscale Investments, the massive US crypto asset manager. These are the Grayscale Bitcoin Trust, the Bitcoin Cash Trust, the Ethereum Trust and the Ethereum Classic Trust. In addition, customers are allowed to invest in the Osprey Bitcoin Trust.
This week, JPMorgan also gave its clients access to a new bitcoin fund from the bank in partnership with the New York Digital Investment Group (NYDIG). NYDIG is part of Stone Ridge Asset Management. The NYDIG bitcoin fund offers investors exposure to bitcoin through the futures market.
Watch what they do, ignore what they say. https://t.co/5Jk1lfiEdA
— The Wolf Of All Streets (@scottmelker) August 6, 2021
While financial advisors to the bank are now allowed to invest in crypto on behalf of customers, they are only allowed to do so at the request of the customers. The advisors are not allowed to recommend or promote crypto nor the above funds. Well, it is expected that they will now favor the NYDIG fund over the other funds.
JPMorgan seems to be slowly warming up to the crypto industry. CEO Jamie Dimon has regularly lashed out at bitcoin in recent years, calling it fraud, among other things, and even claiming he would fire any employees he catches trading crypto. Recently, he admitted that he still doesn’t like bitcoin, but that it is highly sought after among his customers and that he wants to meet this huge demand.
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