JP Morgan is getting ready to offer a Bitcoin fund to its clients. This move comes as the latest sign of institutional acceptance for the biggest cryptocurrency.
The fund should be available by summer 2021. JP Morgan also accepted Bitcoin exchanges Coinbase and Gemini Trust as its banking clients in 2020 and launched JPM coin in 2019. JPM Coin is JP Morgan’s way of utilizing crypto to accelerate corporate payments. Daniel Pinto, JP Morgan’s co-President also said that the company will “accompany the clients” regarding Bitcoin.
The New York-based investment banking company joins Morgan Stanley in offering bitcoin funds to wealthy clients. Morgan Stanley became the first large US bank to offer clients access to bitcoin funds. One of its latest bitcoin funds has become one of the most popular ones as it raised $29.4 million from 322 investors in its first two weeks, according to reports. The returns signal that big investors have a big appetite for bitcoin products.
Bitcoin and other digital coins’ rise in popularity has led big US banks to offer their clients exposure to cryptocurrencies. Day by day, more and more institutions start embracing cryptocurrencies and this could affect their prices.
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