JP Morgan greenlights wealth management advisors to take crypto fund orders: Report

Jul 22, 2021 | The Block News | 0 comments

jp-morgan-greenlights-wealth-management-advisors-to-take-crypto-fund-orders:-report

JP Morgan has opened the doors to wealth management clients looking to invest in crypto funds, as reported by Business Insider.

Specifically, orders for Grayscale and Osprey‘s crypto-based offerings are now on the table for wealth management advisors at the U.S.’s largest bank. The move reportedly opens the gates for clients ranging from retail users on Chase’s trading app to the jetset of the bank’s private investment business. 

Notably, these offerings are not themselves crypto investments, but rather trusts based on the performance of crypto assets. JP Morgan is also only authorizing its advisors to process these orders if they come from clients themselves, barring the advisors from presenting crypto-based funds. 

These limitations reflect JPMorgan’s longstanding hesitance to endorse investment in crypto. In May, CEO Jamie Dimon told a congressional committee “My own personal advice to people is to stay away from [crypto].”

Nonetheless, rumors have flown about JPMorgan preparing an actively managed Bitcoin fund of its own. 

JP Morgan declined to comment to The Block when reached.

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© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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