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.
We have reached out to JP Morgan for comment and will update this article if we hear back.
For more breaking stories like this, make sure to subscribe to The Block on Telegram.