JP Morgan Chase, the New York-based American multinational investment bank and financial services company, gives access to six new crypto funds from GrayScale, Osprey Funds, and NYDIG.
The firm is now allowing its users access to Bitcoin funds. It had quietly opened six new crypto funds over the past three weeks to provide crypto exposure.
In the latest move, the firm’s private clients will now have access to a new Bitcoin fund created by crypto investment firm New York Digital Investment Group (NYDIG).
NYDIG is a leading fintech services firm providing services related to Bitcoin. In addition to this, the clients will also have access to five more funds made available last month: Grayscale Investments’ Grayscale Bitcoin Trust, Bitcoin Cash Trust, Ethereum Trust, and Ethereum Classic Trust, as well as the Osprey Bitcoin Trust.
According to some inside sources, JP Morgan’s advisors are not allowed to promote crypto funds, but they can conduct crypto transactions only when the client asks.
GrayScale and Osprey funds are available to all clients of its various wealth management platforms but its NYDIG fund is accessible only to its private banking clients.
JP Morgan is following the footsteps of its rivals, Goldman Sachs and Morgan Stanley, by providing cryptocurrency-related services to its private clients.
However, the firm has a complicated history with crypto as its CEO, Jamie Dimon, has described Bitcoin as “fraud” back in 2017.
The analysts at Goldman Sachs are also working through some of the same issues, despite the firm actively working to provide crypto exposure to its clients.
In June, Jeff Curie, the global head of commodities research at Goldman Sachs, described bitcoin as a “risk-on” asset similar to copper. In the same month firm’s analysts also said that BTC is not a “long-term store of value or an investable asset class”.
The growing popularity of digital assets has led to a renewed interest in digital assets like Bitcoin funds and options and futures trading.