American financial institution giant JPMorgan has made cryptocurrency history by becoming the first bank in the U.S to offer Bitcoin to retail clients. As per a new report, the bank will be expanding a product it has been offering its ultra-wealthy clients, and with this, it opens up Bitcoin to a new $630 billion market. According to the Business Insider report, JPMorgan gave the green light to offer bitcoin services to retail clients last week.
JPMorgan opens up Bitcoin to a new $630 billion market.
JPMorgan will be expanding bitcoin services to retail clients, which that bank had previously been offering to its ultra-wealthy clients exclusively. The bank is opening up Bitcoin to a new $630 billion market. Business Insider, citing the sources from the bank, revealed that the New York-based bank sent a memo to its financial advisors telling them to accept buy and sell orders from its wealth management clients for five crypto products. Of the five products, four are offered by crypto giant Grayscale.
JPMorgan’s advisors are only allowed to execute unsolicited crypto trades.
According to the news report, JPMorgan’s advisors are only allowed to execute unsolicited crypto trades. They can’t recommend products – they only sell and buy on behalf of the clients. The crypto products will be available to all clients looking for investment advice, including those who use its Chase trading app. It will also be available to affluent clients of its JPMorgan Advisors division. This is in addition to its top-tier clients, who are the richest individuals it serves under its private bank. JPMorgan, the sixth-largest bank globally, has been allowing its clients to invest in an actively managed Bitcoin fund.
