The cryptocurrency market is becoming more accessible to wealthy investors, with JPMorgan the latest to open up the market to its clients.
JPMorgan grants wealthy clients access to crypto
Leading U.S investment bank JPMorgan Chase will allow its wealth management clients access to cryptocurrency funds. The bank relayed this information to its financial advisors in a memo earlier this week.
The financial advisors are advised to take buy and sell orders from its wealth management clients for five cryptocurrency products effective July 19, according to a report by Business Insider. The report stated that a person familiar with the move said the rule applies to all JPMorgan clients who seek investment advice
Wealthy clients that will enjoy this service include those using JPMorgan’s commission-free Chase trading app, mass affluent clients whose assets are managed by financial advisors under JPMorgan Advisors, and the ultrarich clients serviced by the investment bank.
The sources said, “JPMorgan’s advisors can execute only unsolicited crypto trades, meaning advisors cannot recommend the products but are allowed to buy or sell on behalf of a client’s request.”
JPMorgan approves GBTC and other funds
The report added that the investment bank had approved certain cryptocurrency funds that its wealthy clients can access. These funds include; Grayscale’s Bitcoin Trust, Bitcoin Cash Trust, Ethereum Trust, Ethereum Classic vehicles and Osprey Funds’ Bitcoin Trust.
JPMorgan revealed in April that it was preparing to offer an actively managed BTC fund to its private wealth clients. The investment bank said the Bitcoin fund would be rolled out this summer.