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{"id":1080,"date":"2021-07-26T10:06:50","date_gmt":"2021-07-26T10:06:50","guid":{"rendered":"https:\/\/www.cryptocurrencypanther.com\/2021\/07\/26\/jpmorgan-becomes-first-u-s-bank-to-offer-crypto-funds-to-retail-wealthy-clients\/"},"modified":"2021-07-26T10:06:50","modified_gmt":"2021-07-26T10:06:50","slug":"jpmorgan-becomes-first-u-s-bank-to-offer-crypto-funds-to-retail-wealthy-clients","status":"publish","type":"post","link":"https:\/\/cryptocurrencypanther.com\/2021\/07\/26\/jpmorgan-becomes-first-u-s-bank-to-offer-crypto-funds-to-retail-wealthy-clients\/","title":{"rendered":"JPMorgan Becomes First U.S. Bank to Offer Crypto Funds to Retail Wealthy Clients"},"content":{"rendered":"

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On Thursday, July 22, Business Insider reported that JPMorgan has given a go-ahead to its advisors to offer clients crypto fund services. This is for the first time that the U.S. bank is expanding its crypto services from just ultra-wealthy clients now to retail-wealthy clients as well!<\/p>\n

In a memo published earlier this week on Monday, the bank said that its $630 billion wealth management division will start accepting buy and sell orders for five crypto funds. This includes<\/a> the Grayscale Bitcoin Trust (GBTC), Osprey Funds\u2019 Bitcoin Trust, Bitcoin Cash Trust, Ethereum Trust, and Ethereum Classic Products.<\/p>\n

From CEO Jamie Dimon calling Bitcoin a \u2018fraud\u2019 back in 2017, to now offer crypto funds to clients, JPMorgan has come a long way. Traditional banking giants are obviously seeing a major shift in the global financial space with cryptocurrencies emerging as a popular asset class.<\/p>\n

Not just JPMorgan but even America\u2019s oldest bank BNY Mellon is also working<\/a> on offering crypto trading solutions to its clients. Speaking to Forbes, Greg King, founder and CEO of Osprey Funds said<\/a>:<\/p>\n

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\u201cWe 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\u2019s clients will see value in the product\u201d.<\/p>\n<\/blockquote>\n
Brief Details of the Banking Services<\/h3>\n
With this move from the Wall Street giant, JPMorgan clients seeking investment advice will be able to access services to these crypto funds. This includes the bank\u2019s self-directed clients that use the commission-free Chase trading app.<\/p>\n
Besides, it also includes mass affluent and wealthy clients whose assets are managed by JPMorgan\u2019s professional financial advisors.\u00a0All crypto traders will happen only at clients\u2019 request. Besides, advisors aren\u2019t allowed to recommend crypto products.<\/p>\n
This diversification of client-base is a welcome move suggesting more banking will follow the suit very soon. Furthermore, it gives an equal opportunity for retail players to participate in the emerging crypto space through regulated platforms.<\/p>\n