\n
\n
\n
\n
\n
<\/p>\n
\n
\n
\n
\n
\n<\/p>\n
Wall Street banking giant JPMorgan Chase, is allowing its retail wealth management clients to access a select number of cryptocurrency funds. The bank is the first major U.S. financial institution to enable such exposure to its big-money clients.<\/b><\/p>\n According to <\/span>Business Insider<\/span><\/i> on Thursday (July 22, 2021), the information was revealed to the publication by anonymous sources familiar with the matter. The report stated that earlier this week, JPMorgan told its financial advisors in a memo to take buy and sell orders for the bank’s wealthy clients.<\/span><\/p>\n The cryptocurrency funds approved by the Wall Street financial institution include Grayscale Bitcoin Trust, Grayscale Ethereum Classic Trust, Grayscale Bitcoin Cash Trust, Grayscale Ethereum Trust, and Osprey Bitcoin Trust.\u00a0<\/span><\/p>\n Meanwhile, advisors are only allowed to buy and sell cryptocurrency products based on clients’ demands, meaning they are prohibited from carrying out “unsolicited” crypto trades. In addition, they are forbidden from suggesting cryptocurrency products to such clients.\u00a0<\/span><\/p>\n The latest development makes JPMorgan the first major U.S. bank to offer crypto trading to retail wealthy clients. Also, the Financial institution’s latest development regarding cryptocurrency is a significant milestone, considering the bank’s past negative stance towards the emerging industry.\u00a0<\/span><\/p>\n Back in May, JPMorgan’s CEO Jamie Dimon speaking in congressional testimony to the US House Financial Services Committee <\/span>advised<\/span> people to stay away from bitcoin.\u00a0\u00a0<\/span><\/p>\n More US banks continue to embrace cryptocurrency, indicating a change from their previous anti-crypto sentiments. The gradual U-turn also comes as a result of growing institutional interest in the sector.<\/span><\/p>\n Like JPMorgan, Morgan Stanley is also looking to offer its clients exposure to bitcoin. Back in March, the investment banking giant <\/span>filed<\/span> an application with the US Securities and Exchange Commission to enable 12 of its institutional funds to access BTC through Grayscale Bitcoin Trust or cash-settled futures.\u00a0<\/span><\/p>\n<\/span>\u2018Open Sesame\u2019 for JPMorgan\u2019s Wealth Management Clients<\/strong><\/span><\/h2>\n
<\/span>US Banks Becoming Less Anti-Crypto<\/strong><\/span><\/h2>\n