JPMorgan lets clients invest in BTC funds for the first time ever as the new service could be launched as soon as this summer while NYDIG will be the fund’s custody provider so let’s read more in today’s Bitcoin news.
JPMorgan Chase is preparing to offer a managed BTC Fund to certain clients which are becoming the latest and biggest bank to embrace crypto or BTC as an asset class despite its CEO’s documented disapproval of the crypto. The JPMorgan Bitcoin fund could roll out this summer and the institutional Bitcoin shop NYDIG will serve as the custody provider.
The JPMorgan BTC fund will be actively managed which is a notable break from the passive fare that is offered by the crypto industry companies like Galaxy Digital and Pantera capital that let clients buy and hold BTC via funds without even touching it themselves. Galaxy and NYDIG also started offering BTC funds to Morgan Stanely Clients.
The JPMorgan fund will be for the private wealth clients. The CEO Jamie Dimon called BTC a dangerous fraud in 2017 and even threatened to fire in a second any trader that touched that stuff:
“If you’re stupid enough to buy it, you’ll pay the price for it one day.”
Dimon also argued that the government regulation of crypto is inevitable and confirmed that bitcoin is not his cup of tea. Despite its CEO personal disdain for the crypto, top deputies in the Corporate and Investment Banking division acknowledged in February that the client demand could force the institution to change. The hulking investment, commercial banking, and wealth management divisions were evolving in the treatment of crypto and blockchain even if the client-facing BTC fund is new.
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The bank research analysts issued market insight on the BTC price and prospects in their reports to the clients.
The company’s ONYX division now wants to speed up the interbank payments via blockchain technology and JPM Coin for example. After five years of quiet development, Onyx is a huge hiring campaign for blockchain engineers across the world.
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The market strategist Nikolaos Panigirtzoglou wasn’t able to comment on the news that the bank will start offering BTC services but he analyzed the demand for these kinds of funds. JPMorgan issued its first crypto product in March which was a structured note tied to the performance of the BTC proxy stocks like Riot Blockchain and Microstrategy.
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