• JPMorgan Opens Crypto Trading To All Clients

  • JPMorgan has apparently become the first large US bank to allow all wealth-management clients with access to bitcoin and other cryptocurrency funds, in an odd twist, considering CEO Jamie Dimon’s well-known disdain of the industry.

    Grayscale’s Bitcoin Trust, Bitcoin Cash Trust, Ethereum Trust, Ethereum Classic products, and Osprey Funds’ Bitcoin Trust are among the five crypto products that advisors at JP Morgan’s $630 billion wealth management division can now take orders to purchase and sell. The policy change took effect on July 19.

    The new policy applies to all JPMorgan clients, including self-directed individuals who use the Chase trading app, affluent JPMorgan Advisors clients, and the private bank’s wealthiest clientele. Clients must request crypto traders, and advisors are not permitted to recommend crypto items to them.

    JPMorgan Chase previously only enabled private wealth clients to invest in an actively managed bitcoin fund, with custody provided by crypto startup NYDIG.

    JPMorgan clients now have more access to crypto goods, which comes at a time when retail interest in the crypto market is on the rise, especially after bitcoin achieved an all-time high price of $65,654 on April 14, 2021. The market has since collapsed — bitcoin is currently trading hands at $32,263 — but retail demand for exposure to the volatile asset class as a store of wealth or portfolio diversifier remains strong. Many of JPMorgan’s clients want to invest in digital currencies, according to Mary Callahan Erdoes, the bank’s asset and wealth management chief.

    Observers will now be watching to see if other Wall Street banks that have offered limited crypto exposure to a select group of clients follow suit. Morgan Stanley began selling access to three bitcoin-related funds to clients with at least $2 million in assets in March, and Goldman Sachs began offering crypto futures trading to institutional clients and hedge funds in June.

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