JPMorgan Chase & Co (JPM.N)will allow all of its wealth management clients access to cryptocurrency funds, Business Insider reported on Thursday, citing sources.
The bank told its financial advisers in a memo earlier this week to take buy and sell orders from its wealth management clients for five cryptocurrency products effective July 19, the report said. https://bit.ly/2WeyK7X
Four of such products are from Grayscale Investments and one from Osprey Funds, according to the report.
JPMorgan did not comment on the report.
Its advisers are allowed to execute only “unsolicited” crypto trades, Business Insider said, adding that advisors cannot recommend products but only buy and sell on behalf of clients’ request.
The report said JPMorgan’s move applies to all clients looking for investment advice, including the ones who use its Chase trading app, besides ultra-rich clients and those whose assets are managed by JPMorgan Advisors.