Key message: JPMorgan, a US investment bank, has made cryptocurrency trading available to all its clients. It is the first major US bank to offer this option to its retail wealth clients.
JPMorgan and cryptoassets
On 19 July, the bank sent a memorandum to advisers confirming the ability to access Grayscale’s Bitcoin Trust, Bitcoin Cash Trust, Ethereum Trust and Ethereum Classic Trust and Osprey Funds’ Bitcoin Trust. However, it should be added that advisers can only implement these products at the request of clients and cannot recommend them. However, it is known that JPMorgan has allowed access to crypto products before, but it was only for the wealthiest clients.
JPMorgan’s investment bank is one of several large banks that are actively moving to embrace crypto. Competitors such as Morgan Stanley and Goldman Sachs offer similar products, but only to their wealthiest clients. In doing so, these banks have data that more than half of their clients are invested in crypto assets or are interested in the space.
It remains to add that this update applies to clients who use the Chase app. The funds of such clients are overseen by JPMorgan Advisors.