CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$20,350.00
  • ethereum
    ETH$1,150.96
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    • Crypto Fund
    CryptoPotato
    CryptoPotato
    • Crypto News
    • Margin Trading
    • Guides
      • Bitcoin & Crypto Guides 101
      • Bitcoin For Beginners
      • Editorials
    • DeFi & NFT
    • Buy
    • Language
    • Crypto News
    • Bitcoin For Beginners
    • Cryptocurrency Guides 101
    • Editorials
    • Bitcoin & Crypto Margin Trading
    • DeFi & NFT News
    • Bitcoin Price Analysis
    • CryptoPotato Crypto Fund
    • Ethereum (ETH) Price Analysis
    • Ripple (XRP) Price Analysis
    • Market Updates
    • Interviews
    • Buy Bitcoin with Card
    Home » Crypto News » JPMorgan Becomes First US Banking Giant to Give Wealth Clients Access to Crypto Funds

    JPMorgan Becomes First US Banking Giant to Give Wealth Clients Access to Crypto Funds

    Author: Mandy Williams

    Last Updated Jul 22, 2021 @ 19:43

    JP Morgan has reportedly become the first major U.S. bank to give all its wealth clients access to crypto funds.

    Retail wealth clients at American banking giant JPMorgan Chase & Co have been given access to several cryptocurrency products, including Grayscale Bitcoin Trust (GBTC). The move makes the bank the first major financial institution in the United States to do so.

    JPMorgan Approves Five Crypto Funds

    The bank issued a memo to its financial advisors earlier this week, giving them the green light to give all retail wealth clients access to crypto funds, Business Insider reported Thursday, citing sources familiar with the matter.

    JPMorgan told its advisors that starting July 19, they can now take buy and sell orders from wealth clients for five crypto funds. Four of the products are powered by leading digital asset manager Grayscale Investments and one from Osprey Funds.

    The approved funds include Grayscale Bitcoin Trust, Grayscale  Bitcoin Cash Trust, Grayscale Ethereum Trust, Grayscale Ethereum Classic Trust, and Osprey Bitcoin Trust, the report added.

    Unsolicited Crypto Trades Only

    However, the bank’s advisors are only allowed to execute “unsolicited” crypto trades. In other words, JPMorgan advisors can only take buy or sell orders based on clients’ requests. They are prohibited from recommending any of the crypto products to customers.

    ADVERTISEMENT

    The report noted that the new service is available to all of the bank’s clients looking for investment options,  including those using the Chase trading app, ultrarich clients, and those whose assets are managed by JPMorgan’s advisors.

    JPMorgan Exec: Clients Are Demanding Bitcoin

    The milestone comes just a few days after JPMorgan’s director of Asset and Wealth Management, Mary Callahan Erdoes, revealed in an interview that most of the bank’s clients are demanding crypto services as they see bitcoin as an asset class.

    As reported, Erdoes noted that to maintain its client base, the financial powerhouse will continue to provide crypto products to its customers to meet up with the growing demand even though it still has not classified cryptocurrency as an asset class.

    More Big Banks to Follow?

    Although JPMorgan is the first major financial institution in the U.S. to offer its wealthy clients access to crypto funds, rival banks like Goldman Sachs and Morgan Stanley might join the bandwagon in no distant time.

    Morgan Stanley, for instance, has already taken the first step by filing with the U.S. Securities and Exchange Commission (SEC) to allow its clients to gain bitcoin exposure through the Grayscale’s Bitcoin Trust or cash-settled futures.

    SPECIAL OFFER (Sponsored)
    Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

    PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

    You Might Also Like:

    • bearbtc_chart
      Bitcoin Price Could Reach $25,000 After Grayscale's Unlock: JPMorgan
    • JPMorgan
      JPMorgan Exec: Demand for Bitcoin is High, Most Clients See it as an Asset Class
    • JamieDimon
      JPMorgan's CEO Jamie Dimon: Stay Away From Bitcoin
    Tags: Grayscale JP Morgan
    Enjoy reading? Share with your friends
    Facebook Twitter LinkedIn Telegram

    About The Author

    Mandy Williams
    More posts by this author

    Mandy Williams is a full-time reporter at CryptoPotato. She joined the cryptocurrency space in early 2017 during her search for financial freedom and has remained devoted to the industry.
    Contact Mandy: Twitter

  • bitcoin
    BTC$20,350.00
  • ethereum
    ETH$1,150.96
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    Editorials
    Over 33% of NFT Volume is Wash Trading: bitsCrunch CEO Interview

    Over 33% of NFT Volume is Wash Trading: bitsCrunch CEO Interview

    What’s Going on With Celsius Network and Why Is It a Huge Risk for Crypto (Opinion)

    What’s Going on With Celsius Network and Why Is It a Huge Risk for Crypto (Opinion)

    Institutions Are Definitely Here: ConsenSys’ Harriet Browning (Interview)

    Institutions Are Definitely Here: ConsenSys’ Harriet Browning (Interview)

    Binance Visa Card Guide: Read Before You Order

    Binance Visa Card Guide: Read Before You Order

    Bitstamp CEO JB Graftieaux: We Are Still Early (Interview)

    Bitstamp CEO JB Graftieaux: We Are Still Early (Interview)

    Okay Bears NFT Collection: The Complete Guide

    Okay Bears NFT Collection: The Complete Guide

    Our Ambition is to Become the Amazon of Crypto: Interview with Coinbase’s Guillaume Chatain

    Our Ambition is to Become the Amazon of Crypto: Interview with Coinbase’s Guillaume Chatain

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    About
    Advertise on CryptoPotato
    About Us | Contact Us | Careers

    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Cannabis Stocks News | Market Analysis
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!