JPMorgan launches new Bitcoin (BTC) fund for wealthy clients
The US financial holding JPMorgan Chase partnered with NYDIG to offer Private Bank clients a new Bitcoin (BTC) fund.
In late April the CoinDesk website revealed the information about this new BTC fund, stating that it would become one of the most secure and affordable investment vehicles for trading Bitcoin. In the interview to the Wall Street Journal JPMorgan CEO James Dimon said “I am not a Bitcoin supporter, I don’t really care about Bitcoin. On the other hand, clients are interested and I don’t tell clients what to do.”
What is JPMorgan Planning to Do Next?
With the high requirements of the Securities and Exchange Commission (SEC) met, the new BTC fund will become an easy gateway to Bitcoin exposure. Many companies, including NYDIG, have already filed for a Bitcoin ETF application to the SEC and are now eagerly waiting for them to be reviewed, yet JPMorgan is not on that list.
As reported by Business Insider, all the JPMorgan wealthy clients have gained the access to such Bitcoin funds as GBTC through their brokerage accounts. The new BTC fund works on an in-house basis and can be accessed by the clients of JPMorgan Private Bank only.
Now that one of the leading US banks, JPMorgan Chase, is providing its retail clients with access to Bitcoin exposure, it is safe to say that more banks will follow suit. This move also shows the market is hungry for investment products that provide a gateway into Bitcoin.
Belgium native who has a passion for writing. Since 2015 I have understood that the blockchain will radically change our lives, and I absolutely want to share my findings with you!