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JP Morgan will provide five cryptocurrency funds to clients

It will be available to all JP Morgan’s wealth management clients looking for investment advice

Global investment bank JP Morgan has reportedly decided to allow its advisers to provide clients with access to five cryptocurrency funds which will be made available to all of JPMorgan’s wealth management clients seeking investment advice. This move will make JPMorgan the first major bank to expand access to crypto trading apart from the ultra-exclusive clients.

From July 19, the advisers were being able to take orders to buy and sell five cryptocurrency products. Out of five, four are from Grayscale Investments which are Bitcoin Trust, Bitcoin Cash Trust, Ethereum Trust, and Ethereum Classic Trust. The fifth fund is the approved Bitcoin Trust from Osprey Funds.

An insider who did not wish to be named mentioned that the new offering applies to all of JPMorgan’s clients seeking investment advice, including the self-directed clients known to use the commission-free Chase trading app and the High Net Worth clients, the assets of which are measured by financial advisers under JPMorgan Advisors.

Greg King, founder and CEO of Osprey Funds told the media, “We are excited to be onboarded to the JPMorgan wealth platform. OBTC remains the lowest-priced publicly traded bitcoin fund in the U.S. and we believe JPMorgan’s clients will see value in the product.”

Since its introduction to cryptocurrency, JP Morgan has sure come a long way. Back in 2017, Jamie Dimon, CEO had said he would fire his employees if found trading bitcoins. Even earlier this year, he mentioned that he had advised people to stay away from all cryptocurrencies, including bitcoins.

But with the latest major crypto-related development in the firm, JPMorgan joins a growing number of investment banks that offer some sort of support to crypto investments or provide assistive services to its clients, similar to the likes of Morgan Stanley, Goldman Sachs, and Citigroup.

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