JPMorgan Gives Wealth Advisors Green Light For Crypto Fund Orders

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JP Morgan has opened the doors for wealth management clients looking to invest in crypto funds, as Business Insider reported.

Specifically, orders for Grayscale and Osprey’s crypto-based offerings are now on the table for wealth management advisers at America’s largest bank. The move would have opened the doors to clients ranging from retail users on Chase’s trading app to the bank’s private equity business jetset.

Notably, these offerings are not crypto investments themselves, but rather trusts based on the performance of crypto assets. JP Morgan also only allows its advisers to process these orders if they come from clients themselves, prohibiting advisers from presenting crypto-based funds.

These limitations reflect JPMorgan’s longstanding reluctance to approve crypto investing. In May, CEO Jamie Dimon told a congressional committee, “My personal advice to people is to stay away from [crypto]. “

Nonetheless, rumors have circulated about JPMorgan setting up its own actively managed Bitcoin fund.

JP Morgan declined to comment on The Block when contacted.

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