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JPMorgan launches in-house Bitcoin fund 

06 Aug 2021 : 14:08
2 min read
  • Advisers were tipped off about the fund in a phone call with the bank this week
  • The CEO of JPMorgan used to be known to criticize Bitcoin in the past
  • A lot of banks have begun offering crypto products in the past year

JPMorgan Chase offered an in-house bitcoin fund for its Private Bank clients for the first time this week. 

The fund is offered in partnership with NYDIG

The passively managed fund has no investments from clients yet. That could change soon, as advisers were tipped off about the fund in a phone call with the bank this week. The fund is offered in partnership with NYDIG, the bitcoin arm of wealth management firm Stone Ridge.

The CEO of JPMorgan Jamie Dimo was previously known to criticize Bitcoin and even once said he would fire any JPMorgan employee who traded Bitcoin. More recently, however, he has said that customers want to invest in Bitcoins, so JPMorgan has a responsibility to deliver crypto investments safely.

The list of banks diving into crypto is getting longer 

In July, JPMorgan was one of the first major banks to announce that retail wealth management clients would be able to invest in crypto products. Clients do not have to be in direct contact with the firm’s advisers to invest in the products – anyone from ultra-wealthy private bank clients to users of Wall Street Bank’s trading app Chase can do so.

Other banks have begun offering crypto products in the past year, including Morgan Stanley, which gave its wealth management clients access to crypto funds in March, and Bank of America, which reportedly began offering exchange-traded crypto products to wealthy investors last month.


About Author

Stan Colenbrander

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Stan is the head of news and podcast host at Cryptonary. He was formerly a member of the Cryptonary Pro community. In early 2021, he decided to drop out of journalism school at university to pursue journalism in real life and make an impact in the crypto space. . His areas of interest include the NFT industry, decentralised finance, and crypto start-ups.

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