JPMorgan opened up access to six crypto funds over the past three weeks as it looks to offer crypto exposure to a variety of clients.
The bank’s private clients will now have access to a new Bitcoin fund created by crypto investment firm New York Digital Investment Group (NYDIG). NYDIG is owned by Stone Ridge Asset Management and the “Stone Ridge Bitcoin Strategy Fund” offers exposure to Bitcoin via futures markets.
The NYDIG fund is in addition to five crypto funds that the bank opened access to last month: Grayscale Investments’ Grayscale Bitcoin Trust, Bitcoin Cash Trust, Ethereum Trust and Ethereum Classic Trust, as well as the Osprey Bitcoin Trust.
While the traditional financial institution has taken a big leap by offering crypto exposure via six different funds, it is reportedly taking a cautious approach to how it offers its new digital-asset services to its clients. JPMorgan advisors are not allowed to overtly promote the crypto funds, and can only conduct the transactions upon the client’s request.
The Grayscale and Osprey Funds are open to all users of its various wealth management platforms including its self-directed Chase trading app, while the NYDIG fund is only open to private banking clients.The investment banking giant has a complicated history with cryptocurrency, after CEO Jamie Dimon described Bitcoin as fraud back in 2017.
