Wealth managers of one of the US largest banks, JP Morgan now are authorized to provide their customers access to crypto, reports Business Insider. Thus, the establishment became the first of the largest banks in the US to do so.
The five crypto products that JP Morgan's consultants can operate with are Grayscale’s BTC Trust, BCH Trust, Ether Trust, Ethereum Classic funds, and also BTC Trust of Osprey Funds.
The memo provided to Business Insider shows that the policy change was confirmed on July 19. Crypto trading becomes available for all JPMorgan customers: self-directed investors via the bank’s application, wealthy clients of investment brokers, and the wealthiest part served by the private bank.
Consultants must present the options of crypto trading only in the case when clients show interest first and do not offer services beforehand.JP Morgan had offered crypto investment options before. However, they were limited and available only for private wealth clients. The operations were managed through a BTC fund with the custody of fintech firm NYDIG.
Although previously different banks launched some crypto investment products, they were limited. In March 2021, Morgan Stanley enabled access to three BTC funds for the customers whose holdings at the bank are at least $2 M. In June, Goldman Sachs unlocked crypto futures trading for institutions and hedge funds.