The news came via an internal memo that said clients can now trade five different crypto trusts from providers such as Grayscale Investments to Osprey Fund, Business Insider reported (via The Street), citing an undisclosed source.
JPMorgan clients can now invest in crypto via these five trusts: Grayscale Bitcoin Trust, Grayscale Bitcoin Cash Trust, Grayscale Ethereum Trust, Grayscale Ethereum Classic Trust, and Osprey Bitcoin Trust.
However, per Business insider (via Reuters), JPMorgan’s advisors are allowed to execute only “unsolicited” crypto trades and they can’t recommend products but only buy and sell on behalf of clients’ request.
JPMorgan declined to comment on the report.
However, besides JPMorgan, other banking giants are also increasingly looking into crypto-related services. Yesterday, the oldest bank in the US, New York Mellon Corp., said it has joined another US-based financial giant State Street in order to develop “a platform to support the entire digital asset life cycle.”
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