JPMorgan offers retail clients access to cryptocurrency funds

The financial holding JPMorgan has opened to its asset-management clients access to Grayscale’s cryptocurrency funds based on Bitcoin, Bitcoin Cash, Ethereum and Ethereum Classic, as well as to the Osprey Bitcoin Trust. This was reported by Business Insider citing people familiar with the matter.

On July 19, JPMorgan allegedly allowed financial advisers to place orders to sell and buy five digital-asset products. According to a person familiar with the matter, the offering extends to all clients, including Chase app users.

Bank staff are not at liberty to recommend cryptocurrency-based investment products, but may execute trades on client request. JPMorgan was the first major bank to offer such a possibility.

In May 2021, JPMorgan’s Jamie Dimon acknowledged that the bank’s customers were interested in the first cryptocurrency. He stressed that he himself remains sceptical about digital gold.

Other financial-industry players, including Goldman Sachs, Morgan Stanley and Bank of America, have not yet opened direct retail access to crypto-based products.

In April, Morgan Stanley allowed accredited investors with at least $2 million to invest money in Galaxy Digital’s crypto funds.

In June, asset managers New York Digital Investment Group and FS Investments filed with the U.S. Securities and Exchange Commission to register a Bitcoin fund intended for Morgan Stanley’s clients.

Earlier, JPMorgan opened 84 blockchain-related vacancies. Many of these roles are with Onyx, the unit behind the development of the JPM Coin stablecoin.

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