JPMorgan Becomes First U.S. Bank to Offer Crypto Funds to Retail Wealthy Clients

Bhushan Akolkar
July 23, 2021
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
JPMorgan

On Thursday, July 22, Business Insider reported that JPMorgan has given a go-ahead to its advisors to offer clients crypto fund services. This is for the first time that the U.S. bank is expanding its crypto services from just ultra-wealthy clients now to retail-wealthy clients as well!

In a memo published earlier this week on Monday, the bank said that its $630 billion wealth management division will start accepting buy and sell orders for five crypto funds. This includes the Grayscale Bitcoin Trust (GBTC), Osprey Funds’ Bitcoin Trust, Bitcoin Cash Trust, Ethereum Trust, and Ethereum Classic Products.

From CEO Jamie Dimon calling Bitcoin a ‘fraud’ back in 2017, to now offer crypto funds to clients, JPMorgan has come a long way. Traditional banking giants are obviously seeing a major shift in the global financial space with cryptocurrencies emerging as a popular asset class.

Not just JPMorgan but even America’s oldest bank BNY Mellon is also working on offering crypto trading solutions to its clients. Speaking to Forbes, Greg King, founder and CEO of Osprey Funds said:

“We are excited to be onboarded to the JPMorgan wealth platform. OBTC remains the lowest-priced publicly traded bitcoin fund in the U.S. and we believe JPMorgan’s clients will see value in the product”.

Brief Details of the Banking Services

With this move from the Wall Street giant, JPMorgan clients seeking investment advice will be able to access services to these crypto funds. This includes the bank’s self-directed clients that use the commission-free Chase trading app.

Besides, it also includes mass affluent and wealthy clients whose assets are managed by JPMorgan’s professional financial advisors. All crypto traders will happen only at clients’ request. Besides, advisors aren’t allowed to recommend crypto products.

This diversification of client-base is a welcome move suggesting more banking will follow the suit very soon. Furthermore, it gives an equal opportunity for retail players to participate in the emerging crypto space through regulated platforms.

Advertisement
coingape google news coingape google news
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.