JP Morgan, one of the world’s largest investment banks, has provided its asset management clients with access to funds in Bitcoin and other cryptocurrencies.
Clients can now buy and sell five cryptocurrency products through JP Morgan consultants. Business Insider today, quoting a note he knew about. Consultants have access to four Grayscale Investments products and one Osprey Funds product.
Orders provide customers with access to Bitcoin, Ethereum, Bitcoin Cash and Ethereum Classic through Bitcoin Trust Grayscale, Bitcoin Cash Trust, Ethereum Trust and Ethereum Classic mechanisms. Clients can also invest in the Osprey Fund’s Bitcoin Trust. Business Insider…
These funds do not mean that JP Morgan clients will personally own the cryptocurrencies – they will simply be available to them. Grayscale and Osprey are companies that allow investors to have a stake in the cryptocurrency world by allowing them to buy stocks that track the value of assets like Bitcoin and Ethereum. Grayscale and Osprey take on all the complex tasks like buying and storing cryptocurrencies.
Grayscale is the world’s largest cryptocurrency asset manager, currently managing $ 27.5 billion. It is owned by New York-based venture capital firm Digital Currency Group. But lately, the company’s stock has been trading at a lower price than Bitcoin. These stocks used to trade at a premium, which meant they were more expensive to buy than to invest in bitcoin directly.
UPDATE 7/21/21: Net Assets Under Management, Holdings Per Share, and Market Price Per Share for our investment products.
Total AUM: $ 27.5 billion$ BTC $ BAT $ BCH $ LINK $ MANA $ ETH $ ETC $ FIL $ ZEN $ LTC $ LPT $ XLM $ ZEC $ UNI $ AAVE $ COMP $ CRV $ MKR $ SUSHI $ SNX $ YFI $ UMA $ BNT $ ADA pic.twitter.com/GZ5t7Gayrs
– Grayscale (@Grayscale) Jul 21, 2021
Business Insider adds that JP Morgan consultants can only perform cryptographic transactions ” unsolicited »: They are not allowed to recommend products, but they can sell and sell products if the buyer asks them to.
In March, another major investment bank, Morgan Stanley, gave high net worth investors access to bitcoins through the Galaxy Bitcoin Fund LP, Galaxy Institutional Bitcoin Fund LP, and FS NYDIG Select Fund. However, Morgan Stanley only opened this opportunity to clients with at least $ 2 million in bank assets.
JP Morgan, headquartered in New York, is increasingly opening up to the world of cryptocurrency. The company’s CEO Jamie Dimon previously called bitcoin “fraud“But now the company regularly talks about digital assets and provides banking services to the major cryptocurrency exchanges Coinbase and Gemini.