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JPMorgan Chase is preparing to offer an actively managed bitcoin fund to certain clients, becoming the latest, largest and – if its CEO’s well-documented distaste for bitcoin is any indication – unlikeliest U.S. mega-bank to embrace crypto as an asset class. The bitcoin fund could roll out as soon as this summer and NYDIG will serve as JPMorgan’s custody provider.
Despite its CEO’s personal disdain for the crypto, top deputies within its Corporate and Investment Banking division acknowledged in February that client demand might force the institution to change. JPMorgan’s hulking investment, commercial banking and wealth management divisions have gradually evolved in their treatment of crypto and blockchain, even if the client-facing bitcoin fund is new. The bank’s research analysts regularly issue market insight on bitcoin’s price and prospects in reports available to clients.
https://www.coindesk.com/jpmorgan-to-let-clients-invest-in-bitcoin-fund-for-first-time-sources
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