Homecryptocurrency News

    JPMorgan follows rivals Goldman Sachs, Morgan Stanley to offer Bitcoin funds to clients

    JPMorgan follows rivals Goldman Sachs, Morgan Stanley to offer Bitcoin funds to clients

    JPMorgan follows rivals Goldman Sachs, Morgan Stanley to offer Bitcoin funds to clients
    Profile image

    By CNBCTV18.com  IST (Published)

    Mini

    JPMorgan CEO Jamie Dimon has been a vocal critic of cryptocurrency like Bitcoin, calling it a 'fraud' in the past. But the growing popularity of digital assets has led to a surge of investor interest in crypto.

    JPMorgan Chase, the New York-based American multinational investment bank and financial services company, is now allowing its clients access to Bitcoin funds. The bank’s financial advisors were allowed to place private clients into a new Bitcoin fund created by crypto firm NYDIG, reported CNBC.
    NYDIG is a leading fintech services firm providing services related to Bitcoin. According to CNBC sources, the new fund is similar to the one that NYDIG also offers to rival bank, Morgan Stanley.
    The NYDIG fund is being marketed as one of the least expensive and safest ways to gain Bitcoin exposure, according to Coindesk.
    Apart from the NYDIG fund, JPMorgan clients also have access to four cryptocurrency funds from Grayscale Investments and one from Osprey Funds: Grayscale Bitcoin Trust, Grayscale Bitcoin Cash Trust, Grayscale Ethereum Trust, Grayscale Ethereum Classic Trust and Osprey Bitcoin Trust.
    JPMorgan is following in the footsteps of other large banks like Goldman Sachs and Morgan Stanley by offering cryptocurrency-related services to its private clients. While major financial institutions often have decried decentralised finance like cryptocurrency, the growing popularity of digital assets seems to be thawing the innate mistrust of such assets.
    Goldman Sachs had recently announced that it would allow options and futures trading in Ether, the second-largest cryptocurrency in the world.
    JPMorgan CEO Jamie Dimon, himself has been a vocal critic of cryptocurrency like Bitcoin, calling it a "fraud" in the past.
    The growing popularity of digital assets, along with a boom in cryptocurrency mining in the Western hemisphere after China’s crackdown on mining operations, has led to a renewed interest in digital assets like Bitcoin funds and options and futures trading. With Bitcoin and other cryptocurrencies rallying after the massive May slump, financial institutions are willing to cater to clients interested in such products and services.
    A recent survey by CNBC Millionaire Survey found that 47 percent of young millionaires have more than 25 percent of their wealth in cryptocurrencies.
     
    Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
    arrow down

      Most Read

      Market Movers

      View All
      CompanyPriceChng%Chng