An important announcement was made today for the crypto ecosystem: JPMorgan offering mutual funds and advice to clients who want to invest in Bitcoin . A 180 degree turn in relation to the bank’s stance on virtual assets, specifically from its CEO Jamie Dimon, who had repeatedly been skeptical about cryptocurrencies , a stance that seems to have changed radically.
JPMorgan has become the first US bank to approve highly relevant and provide all its clients asset management to access Bitcoin and other funds related to cryptocurrency .
Now advisers attached to JPMorgan’s wealth management division, valued at about $ 630 billion, are empowered to accept orders in which they will buy and sell five crypto products.
These include: Bitcoin Trust, Bitcoin Cash Trust, Ethereum Trust, all three from Grayscale, and the Ethereum Classic and Bitcoin Trust products from Osprey Funds.
180 degree turn
This change in position has been in effect since July 19 of this year, according to Business Insider.
Announcement that comes a day after Mary Callahan Erdoes pointed out in an interview for the Bloomberg media that some clients of the bank were considering and seeing Bitcoin as an ideal asset in which they should invest.
Erdoes explained that JPMorgan had the role of guiding customers to put money where they need it, but responsibly. Specifically noted that:
“A lot of our clients say ‘it’s an asset class and I want to invest in it,’ and our job is to help them put their money where they want to invest.”
From the management of JPMorgan’s crypto funds
JPMorgan advisers are now allowed to execute “requested” crypto trades, Business Insider reported, adding that they cannot recommend products, but only buy and sell on behalf of clients’ request.
Greg King, founder and CEO of Osprey Funds, told Forbes :
“We are very excited to be on the JPMorgan wealth platform. OBTC remains the lowest priced publicly traded Bitcoin fund in the United States and we believe JP Morgan clients will see value in the product. “
The report notes that JPMorgan’s move applies to all clients seeking investment advice, including those using its Chase trading app , as well as ultra-wealthy clients and those whose assets are managed by JPMorgan Advisors.
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