JP Morgan Becomes First Major US Bank To Offer Cryptocurrency Trading To Its Clients

JP Morgan has given the advisors the green light to offer all wealth management clients access to cryptocurrency funds.

JP Morgan’s wealth management clients have something new to celebrate today. A Business Insider report claims that JP Morgan reached out to its advisers and gave them the go-ahead to execute cryptocurrency trades on behalf of their clients. move will make JP Morgan the first major US bank to green light cryptocurrency trading across the board.

reminder sent to the consultants indicated that they can now receive orders for five crypto products. Four of the products come from Grayscale Investments, including Bitcoin Trust, Bitcoin Cash Trust, Ethereum Trust, and Ethereum Classic. fifth fund is the Osprey Funds Bitcoin Trust.

Insiders report that the measure will apply to all JPMorgan clients who are in the investment advisory market. This includes JPMorgan’s self-managed clients using the bank’s commission-free Chase trading applications, wealthy clients managed by top advisers, and wealthy clients served by the private bank. Furthermore, JP Morgan Advisors can only handle unsolicited cryptocurrency transactions. This states that consultants cannot recommend products, but can trade based on user requests.

JPMorgan continues to expand crypto services

Although JPMorgan had previously offered cryptocurrency trading, it has established which clients can participate. Until now, only private equity clients could invest in managed bitcoin fun with the help of NYDIG.

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This expansion comes on the heels of news that the bank was hiring for various digital currency positions. Among the published jobs are ads for people with experience in cryptocurrencies, especially those with experience in bitcoin and Ethereum. Overall, JPMorgan listed 34 open positions related to cryptocurrencies in June. Jobs range from project managers to blockchain engineers.

works were distributed around the world, some in the United States, Singapore and Greece. At the moment it is not known how many of these positions are still open. search for talent shows that JPMorgan is serious about turning to blockchain technology and cryptocurrencies. This is a big change from a few years ago, when JPMorgan was among those who shared a negative outlook on bitcoin.

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