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JPMorgan releases Bitcoin, Bitcoin Cash and Ethereum funds to its customers

According to Forbes, JPMorgan Chase has opened up Bitcoin, Bitcoin Cash, Ethereum and Ethereum Classic fund offerings to its retail customers.

JPMorgan releases Bitcoin, Bitcoin Cash and Ethereum funds to its customers

JPMorgan releases Bitcoin, Bitcoin Cash and Ethereum funds to its customers

With the initiative, the banking giant becomes the first major US bank to provide digital currency funds to all clients in the wealth management division.

In practice, the consultants of that division will be able to accept purchase and sale orders for five products: Bitcoin Trust, Bitcoin Cash Trust, Ethereum Trust, Ethereum Classic and Bitcoin Trust Osprey Funds.

According to a memo, the policy change took effect on July 19th.

The document also states that the new policy applies to all JPMorgan clients. This includes users of the Chase trading app, JPMorgan Advisors clients, and the richest clients served by the bank.

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However, consultants will not be allowed to recommend cryptocurrency products to customers. In other words, the initiative to trade digital currencies has to come from the customers themselves,

Previously, JPMorgan only allowed private clients to invest in an actively managed Bitcoin fund. In this case, the cryptocurrency company NYDIG provides the escrow services.

In a recent interview with Bloomberg, Mary Callahan Erdoes, director of asset management at JPMorgan, said that many of the bank’s clients see Bitcoin as a new asset class:

“Many of our clients say, ‘This is an asset class and I want to invest.’ And our job is to help them put their money where they want to invest,” said Erdoes.

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