Recent reports indicate that JPMorgan has given the green light to their advisors to offer crypto funding services. This is also the first time that Bank of America has developed this crypto service that not only targets millionaire customers but also retail customers.
In a published memo, the bank stated a total of $ 630 billion would be offered to customers to buy and sell for five crypto funds. These include Grayscale Bitcoin Trust (GBTC), Osprey Funds ’Bitcoin Trust, Bitcoin Cash Trust, Ethereum Trust, and Ethereum Classic Products.
This is seen as a ‘cliché’ in the crypto community because in 2017, JPMorgan chief executive officer Jamie Dimon called Bitcoin a ‘scam’ but now the institution offers crypto funds to their customers. With this we are witnessing every day traditional financial institutions begin to show significant interest in cryptocurrencies.
Not only JPMorgan but even the oldest US bank BNY Mellon is also working to offer crypto investment solutions to their customers. With the steps taken by this Wall Street giant, JPMorgan customers will have access to crypto funds.
This diversification is seen to be a catalyst for the banking sector where banks will start to emulate this move. Furthermore, it also provides a fair opportunity for retail players to participate in the crypto market.
