JPMorgan advisors can buy and sell five crypto funds
Earlier this week, JPMorgan told its advisors in a memo that they can buy and sell five crypto funds on behalf of a client. This makes it the first large US bank to allow its financial advisors to give wealth management clients access to cryptocurrency funds.
According to JPMorgan, the new policy applies to all clients seeking advice. This includes self-directed users of its Chase trading app, clients whose assets are managed by JPMorgan Advisors and ultra-high-net-worth people serviced by the private bank.
The announcement resulted in a price jump of 7.85% for Bitcoin.
This comes three weeks after Morgan Stanley purchased 28,289 shares in the Grayscale Bitcoin trust worth over $1.3 million, and five weeks after reports claiming Goldman Sachs would offer options and futures trading for its cryptocurrency trading arm, underscoring financial institutions’ commitment in cryptocurrency.
Business Insider said that JPMorgan declined to comment further on the news.
The move comes after JPMorgan Chase CEO Jamie Dimon previously said at an investor conference in New York in 2017 that cryptocurrency “won’t end well.” He also called it a fraud and threatened to fire an employee for trading bitcoin.