Report: JPMorgan Gives Institutional Investors Access To Six Crypto Funds
JPMorgan has disclosed that the institutional investors would be allowed to utilize six crypto funds, and just one of them would be reserved for the private customers, as claimed by the report. Over the recent month, it has been reported that the firm has permitted its consumers to access six of the crypto funds. The only fund, kept separate for the private customers by the company, is the latest Bitcoin (BTC) fund developed by NYDIG.
JPMorgan offers new services
A report by CNBC states that JPMorgan Chase & Co. (an investment bank of international scale) has offered its prominent consumers exposure to the digital asset funds of six cryptocurrencies and the denouement of the previous month. The offer contains four products associated with Grayscale Investments such as ETCG (Ethereum Classic Trust), ETHE (Ethereum Trust), BCHG (Bitcoin Cash Trust), and GBTC (Grayscale Bitcoin Trust). The fifth product included in the offer is Osprey Funds’ OBTC (Osprey Bitcoin Trust). According to the report, the single bank which is specially reserved for the access of the bank’s private customers is a Bitcoin Fund that has recently been developed by NYDIG (New York Digital Investment Group).
The information regarding JPMorgan’s move surprised the community as Jamie Dimon (the CEO of the firm) passed negative remarks on crypto assets. Recently, he instructed people to avoid them. Rather he alluded to say that gold and conventional fiat currencies cannot be substituted with cryptocurrencies. In this regard, the financial department’s executives also gave their opinion regarding El Salvador’s move to legalize Bitcoin (BTC) as a legal tender within the country. They elaborated that some problems can be caused by the country’s decision.
BTC: a highly demanded cryptocurrency
JPMorgan, despite being doubtful about particularly Bitcoin, previously admitted that a significant escalation had been noticed in demand for BTC. Mary Callahan Erdoes, who is known as the director of the asset as well as the wealth management at the bank, has disclosed that BTC is regarded to be an asset class by the majority of the clients. The director assured that the bank would not halt its crypto-related services to meet the expectations of the clients because it is the responsibility of the institution to assist them.
However, she added, the bank still has reservations about characterizing crypto to be one among the asset classes due to the volatile nature of the organization.