Major U.S. investment bank JPMorgan is reportedly allowing advisers to execute crypto trades for more of its clients.<\/p>\n
According to a Thursday report from Business Insider, retail wealth clients at JPMorgan now have access to cryptocurrency funds. A person directly familiar with the bank\u2019s move to the digital space said all JPMorgan clients seeking investment advice, including those managed by financial advisors, retail investors using its trading app, and clients serviced by the private bank, would have the opportunity to invest in crypto. <\/p>\n
JPMorgan clients now reportedly have access to Grayscale Investments\u2019 Bitcoin Trust (GBTC), Bitcoin Cash Trust (BCHG), Ethereum Trust (ETHE), and Ethereum Classic Trust (ETCG), as well as Osprey Funds\u2019 over-the-counter Bitcoin Trust, OBTC. Investors may request advisors execute crypto trades, but the bank\u2019s advisors may not be allowed to recommend crypto investments.<\/p>\n
Related: <\/em><\/strong>Institutions have no appetite for Bitcoin at this price level: JPMorgan<\/em><\/strong><\/p>\n The move follows a report that a large number of JPMorgan clients see cryptocurrencies including Bitcoin (BTC) as an asset class. The company\u2019s director of asset and wealth management, Mary Callahan Erdoes, said at the time the bank would allow clients to \u201cput their money where they want to invest,\u201d purportedly including crypto. <\/p>\n JPMorgan has had a complicated relationship with crypto since its creation. In 2017, CEO Jamie Dimon referred to Bitcoin as \u201cfraud.\u201d However, recent reports have suggested the company is allowing its clients more exposure to the space and adopting blockchain solutions. <\/p>\n