2021-8-6 16:56 |
For years, JPMorgan has been a harsh critic of the crypto industry. However, now that it has embraced it, it did not do it halfheartedly. The bank is regularly coming up with new ideas on how to make cryptocurrencies closer to its clients, and right now, it has started pitching its private, wealthy clients an in-house Bitcoin fund for the first time.
The details regarding the new fund came from two sources from within the company, who claim to be familiar with the matter. They revealed that this is a passively managed fund that is offered in partnership with the Bitcoin powerhouse, NYDIG. However, as far as it is known, it still doesn’t have a single investment.
This is not surprising, of course, but it is something that could change very soon. After all, institutional and wealthy traders have been more involved with crypto than ever before, and it is only a matter of time before they start accessing it through JPMorgan — a reliable party that offers a safe way to access crypto and profit off of it.
The bank itself did not comment on the move. However, it is known that the fund will be offered to clients as the cheapest and safest Bitcoin investment vehicle within the private markets sector.
JPMorgan’s CEO still remains a Bitcoin skepticJPMorgan’s transformation from a never-crypto bank to a major player in the crypto space has been quite interesting to watch. Of course, the bank’s CEO, Jamie Dimon, has not changed his stance. He has been a Bitcoin (BTC/USD) skeptic right from the start, and he still dislikes digital currencies. But, the bank’s goal is to serve its customers, and its customers have been demanding crypto for quite some time now, so the bank obliged.
The sources further added that the private fund would be an easy port over to Bitcoin ETFs, once the day of their approval by the SEC finally arrives. It is still unknown when that might be, and the new SEC Chair stated openly that the regulator doesn’t have it on its timetable.
Interestingly, there are nearly a dozen companies that have pitched their ETF proposals to the SEC, although it should be noted that JPMorgan is not one of them.
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