JPMorgan and Wells Fargo set to launch Bitcoin funds in collaboration with crypto giant NYDIG

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Banking titans JPMorgan and Wells Fargo prepare to launch new Bitcoin funds in collaboration with crypto giant New York Digital Investment Group (NYDIG), according to filings with the United States Securities and Exchange Commission (SEC) .

NYDIG is a Bitcoin-focused financial services and technology company and a subsidiary of investment management firm Stone Ridge Asset Management.

SEC documents show Wells Fargo is set to launch a Bitcoin fund in partnership with NYDIG. The banking giant will charge an investment and service fee when it refers its clients to NYDIG, which is the fund’s issuer.

JP Morgan is also teaming up with the crypto giant for a new Bitcoin fund, according to an SEC filing. The NYDIG will act as the issuer of the fund, and JP Morgan will receive service and placement fees for clients referring to the NYDIG.

In July, JPMorgan announced that it would allow all wealth management clients to access Bitcoin and other crypto-focused funds. In April, the company announced that it would offer Bitcoin investments to its high net worth clients, also using NYDIG for custody services.

JPMorgan’s gradual adoption of Bitcoin contrasts with what CEO Jamie Dimon has said in the past about Bitcoin and crypto. In 2017, Dimon called Bitcoin “fraud and worse than tulip bulbs,” although he said the blockchain is real.

At the time of writing, Bitcoin is trading at $ 50,112 according to CoinGecko.

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Featured Image: Shutterstock / Mihai_Andritoiu

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