JPMorgan has become the first major US bank to offer its individual clients Access to Bitcoin, as of July 19.
Unlike other notable banks, JPMorgan will reportedly not limit access to bitcoin only to wealthy customers, according to Business Insider.
A source familiar with the move told Business Insider, “It applies to all of the bank’s clients seeking investment advice, including its self-directed clients using Chase’s commission-free trading app.” Moreover, it will also include wealthy clients who own assets It is run by JPMorgan consultants and ultra-rich bank clients.
Under the new directive, JPMorgan’s financial advisors will have the green light to accept and execute only bitcoin trades requested by a client, meaning that advisors cannot recommend the investment themselves.
But once a client requests exposure to Bitcoin or cryptocurrencies, their advisor can buy shares in Grayscale funds, such as GBTC, as well as Osprey’s Bitcoin Trust on their behalf.
The move marks a capitulation by JPMorgan to the crypto world, after its CEO, Jamie Dimon, previously threatened to fire employees who trade bitcoin in 2017. But since then Dimon has gotten softer with the cryptocurrency, having said in May that clients are demanding exposure. on her.