JP Morgan has recently become the first bank in the U.S. to give its financial advisors the go-ahead to offer retail wealth management clients crypto funds.
Despite CEO Jamie Dimon’s critical comments on crypto in the past, his bank, JPMorgan Chase adopted cryptocurrencies as clients want exposure to the digital asset class. JPMorgan will offer all clients access to five crypto funds, a move that signifies faster crypto mainstream adoption than many had predicted.
Previously, only ultra-wealthy clients were allowed to invest in an actively managed bitcoin fund. NYDIG, a subsidiary of $10 billion New York-based asset manager Stone Ridge, was responsible for offering custody service.