Jamie Dimon, chairman and chief executive officer of JPMorgan Chase & Co., listens during a Business Roundtable CEO Innovation Summit discussion in Washington, D.C., Dec. 6, 2018.
Andrew Harrer | Bloomberg | Getty Images
With little fanfare, JPMorgan Chase has started giving its wealth management clients access to six crypto funds in the past month.
On Thursday, financial advisors were allowed to begin placing private bank clients into a new bitcoin fund created with crypto firm NYDIG, according to people with knowledge of the move. The fund is nearly identical to one NYDIG offers to clients of rival bank Morgan Stanley, said the people.
Late last month, JPMorgan rolled out access to four funds from Grayscale Investments and one from Osprey Funds: Grayscale Bitcoin Trust, Grayscale Bitcoin Cash Trust, Grayscale Ethereum Trust, Grayscale Ethereum Classic Trust and Osprey Bitcoin Trust, said the people.
The sources declined to be identified speaking about the offerings, each citing an awkward fact: JPMorgan CEO Jamie Dimon has been one of Wall Street’s most outspoken skeptics of bitcoin and related digital assets.
The moves by JPMorgan, the biggest U.S. bank by assets, makes it clear that Wall Street’s years-long reluctance to deal with cryptocurrencies is over. It follows earlier steps by rivals Morgan Stanley and Goldman Sachs to offer bitcoin funds to clients, CNBC first reported, and hundreds of smaller banks have