JPMorgan Reportedly Is Preparing To Offer Bitcoin Funds To Its Clients

JPMorgan, the largest bank in the US, is reportedly preparing to offer its own actively managed Bitcoin fund to private asset management clients.

JPMorgan, the largest bank in the US, is reportedly preparing to offer its own actively managed Bitcoin fund to private asset management clients.

CoinDesk reported on Monday, citing anonymous sources, that “two sources familiar with the matter” reported that JPMorgan’s Bitcoin fund could begin this summer. Accordingly, the Bitcoin service company NYDIG will act as the custodian of the fund. 

JPMorgan declined to comment on the issue. NYDIG, on the other hand, did not make any response on the subject. 

JPMorgan CEO Jamie Dimon previously called Bitcoin “fraud” . In 2017, he said, “governments will one day crush it” and “if you are stupid enough to buy it, one day you will pay for it.  

Following Bitcoin’s massive price surge this year, a number of major financial institutions have turned their eyes to Bitcoin. Last month, Goldman Sachs said it will offer Bitcoin and other cryptocurrency investment tools to private asset management clients in the second quarter of this year. Along with this, Morgan Stanley has also started to offer its customers investments in the cryptocurrency field.

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