Global investment bank JPMorgan will allow all of its wealth management clients access to cryptocurrency funds, Business Insider reported recently.
According to the report the Bank has given its financial advisors the green light to give all its clients access to cryptocurrency funds, making JPMorgan the first large bank to expand crypto trading access beyond just ultra-wealthy clients.
The bank, in a memo distributed earlier this week, told its advisors that effective July 19, they can take orders to buy and sell five cryptocurrency products. Four of these products are from Grayscale Investments: the Bitcoin Trust, Bitcoin Cash Trust, Ethereum Trust, and Ethereum Classic Trust; and the fifth approved fund is Osprey Funds’ Bitcoin Trust, says the report.
The advisers are allowed to execute only "unsolicited" crypto trades, they cannot recommend products but only buy and sell on behalf of customer's request. The report says that the move applies to all clients seeking investment advice, including the ones who use its Chase trading app, besides ultra-rich clients and those whose assets are managed by JPMorgan Advisors.
Well, with this move, JPMorgan joins a growing number of investment banks and other financial institutions that have offered or are planning to offer some sort of crypto investments or services to customers, including Goldman Sachs, Morgan Stanley, and Citigroup. However, JPMorgan has become the first to give retail wealth clients direct access to crypto products.
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