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JP Morgan To Allow All Wealth Management Clients To Access Bitcoin and Cryptocurrency Funds: Report | The Daily Hodl

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JP Morgan is reportedly now permitting wealth administration purchasers to entry institutional Bitcoin and crypto funds.

Business Insider obtained an inner memo from JP Morgan that signifies the financial institution’s wealth administration purchasers can now take purchase and promote orders for Grayscale Bitcoin Trust, Bitcoin Cash Trust, Ethereum Trust, Ethereum Classic merchandise, and Osprey Funds’ Bitcoin Trust.

 

The wealth managers might solely execute crypto trades if their purchasers request it, and they can not advocate crypto merchandise, in response to Business Insider. The memo signifies the coverage change occurred on July nineteenth.

JPMorgan’s foray into cryptocurrencies contrasts with the beforehand said views of the financial institution’s chief government Jamie Dimon, who as soon as known as Bitcoin a “fraud” and “worse than tulip bulbs.”

In March, Morgan Stanley grew to become the first big bank within the US to grant its rich purchasers entry to Bitcoin funds. Morgan Stanley is limiting Bitcoin investments to 2.5% of a consumer’s internet price.

In April, CoinDesk reported that JP Morgan was planning to unveil an actively managed Bitcoin fund. The Bitcoin asset supervisor New York Digital Investment Group (NYDIG) is anticipated to supply custodial companies for the fund.

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Disclaimer: Opinions expressed at The Daily Hodl will not be funding recommendation. Investors ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital property. Please be suggested that your transfers and trades are at your personal danger, and any loses it’s possible you’ll incur are your accountability. The Daily Hodl doesn’t advocate the shopping for or promoting of any cryptocurrencies or digital property, neither is The Daily Hodl an funding advisor. Please observe that The Daily Hodl participates in affiliate internet marketing.

Featured Image: Shutterstock/Elnur/Dario Lo Presti


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(This story has not been edited by CryptoNFT | Latest News Live and is revealed from a syndicated feed.)

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