London Daily

Focus on the big picture.
Saturday, May 31, 2025

JPMorgan The First US Bank to Grant All Wealth Clients Access to Crypto Funds

JPMorgan The First US Bank to Grant All Wealth Clients Access to Crypto Funds

JP Morgan becomes the first major U.S. bank to provide access to crypto funds to all its wealth clients.

American banking giant JPMorgan Chase & Co has provided access to all its wealth clients to several cryptocurrency products, including Grayscale Bitcoin Trust (GBTC). The move is significant, as it makes the JPMorgan the first major financial institution in the United States to do so.

Five Crypto Funds Approved for JPMorgan Clients

The banking giant released a memo to its financial advisors earlier this week, giving them the green light to give all retail wealth clients access to crypto funds, according Business Insider.

JPMorgan told its advisors that since July 19, they are able to take buy and sell orders from wealth clients for five crypto funds.

Four of the funds are powered by leading digital asset manager Grayscale Investments and one from Osprey Funds. The approved funds are: Grayscale Bitcoin Trust, Grayscale Bitcoin Cash Trust, Grayscale Ethereum Trust, Grayscale Ethereum Classic Trust, and Osprey Bitcoin Trust.

Unsolicited Crypto Trades Only

However, the bank’s advisors are only allowed to execute “unsolicited” crypto trades. In other words, JPMorgan advisors can only take buy or sell orders based on clients’ requests. They are not allowed to recommend any of the crypto products to customers.

The new service is available to all of the bank’s clients looking for investment options, including Chase trading app users, ultrarich clients, and those whose assets are managed by JPMorgan’s advisors.

Increased Client Demand for Bitcoin

A few days ago JPMorgan’s director of Asset and Wealth Management, Mary Callahan Erdoes, revealed in an interview that most of the bank’s clients are demanding crypto services as they see bitcoin as an asset class.

Erdoes noted that to maintain its client base, the financial powerhouse will continue to provide crypto products to its customers to meet up with the growing demand even though it still has not classified cryptocurrency as an asset class.

More Big Banks to Follow

JPMorgan is the first major financial institution in the U.S. to offer its wealthy clients access to crypto funds, but it is very likely that rival banks like Goldman Sachs and Morgan Stanley might join the bandwagon in no distant time.

Morgan Stanley has already taken the first step by filing with the SEC to allow its clients to gain bitcoin exposure through the Grayscale’s Bitcoin Trust or cash-settled futures.

Source: JPMorgan The First US Bank to Grant All Wealth Clients Crypto Fund Access – Fintechs.fi

Comments

Oh ya 4 year ago
The bank likely bought a bunch themselves and now realize they are likely going to crash in value and will unload them on their own clients

Newsletter

Related Articles

0:00
0:00
Close
Satirical Sketch Sparks Political Spouse Feud in South Korea
Indonesia Quarry Collapse Leaves Multiple Dead and Missing
South Korean Election Video Pulled Amid Misogyny Outcry
Asian Economies Shift Away from US Dollar Amid Trade Tensions
Netflix Investigates Allegations of On-Set Mistreatment in K-Drama Production
US Defence Chief Reaffirms Strong Ties with Singapore Amid Regional Tensions
Vietnam Faces Strategic Dilemma Over China's Mekong River Projects
Malaysia's First AI Preacher Sparks Debate on Islamic Principles
White House Press Secretary Criticizes Harvard Funding, Advocates for Vocational Training
France to Implement Nationwide Smoking Ban in Outdoor Spaces Frequented by Children
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
Russia's Fossil Fuel Revenues Approach €900 Billion Since Ukraine Invasion
U.S. Justice Department Reduces American Bar Association's Role in Judicial Nominations
U.S. Department of Energy Unveils 'Doudna' Supercomputer to Advance AI Research
U.S. SEC Dismisses Lawsuit Against Binance Amid Regulatory Shift
Alcohol Industry Faces Increased Scrutiny Amid Health Concerns
Italy Faces Population Decline Amid Youth Emigration
U.S. Goods Imports Plunge Nearly 20% Amid Tariff Disruptions
OpenAI Faces Competition from Cheaper AI Rivals
Foreign Tax Provision in U.S. Budget Bill Alarms Investors
Trump Accuses China of Violating Trade Agreement
Gerry Adams Wins Libel Case Against BBC
Russia Accuses Serbia of Supplying Arms to Ukraine
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
Chinese Woman Dies After Being Forced to Visit Bank Despite Critical Illness
President Trump Grants Full Pardons to Reality TV Stars Todd and Julie Chrisley
Texas Enacts App Store Accountability Act Mandating Age Verification
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Vatican Calls for Sustainable Tourism in 2025 Message
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
Trump Threatens 25% Tariff on iPhones Amid Dispute with Apple CEO
Putin's Helicopter Reportedly Targeted by Ukrainian Drones
Liverpool Car Ramming Incident Leaves Multiple Injured
Australia Faces Immigration Debate Following Labor Party Victory
Iranian Revolutionary Guard Founder Warns Against Trusting Regime in Nuclear Talks
Macron Dismisses Viral Video of Wife's Gesture as Playful Banter
Cleveland Clinic Study Questions Effectiveness of Recent Flu Vaccine
Netanyahu Accuses Starmer of Siding with Hamas
Junior Doctors Threaten Strike Over 4% Pay Offer
Labour MPs Urge Chancellor to Tax Wealthy Over Cutting Welfare
Publication of UK Child Poverty Strategy Delayed Until Autumn
France Detains UK Fishing Vessel Amid Post-Brexit Tensions
Calls Grow to Resume Syrian Asylum Claims in UK
Nigel Farage Pledges to Reinstate Winter Fuel Payments
Boris and Carrie Johnson Welcome Daughter Poppy
×