Advisors at the banking giant are reportedly only allowed to can execute crypto trades at the direct request of a client rather than recommending the products themselves.
Major U.S. investment bank JPMorgan is reportedly allowing advisors to execute crypto trades for more of its clients.
According to a Thursday report from Business Insider, retail wealth clients at JPMorgan now have access to cryptocurrency funds. A person directly familiar with the bank’s move to digital investments said all JPMorgan clients seeking investment advice, including those managed by financial advisors, retail investors using the trading app, and clients serviced by the private bank, would be offered the opportunity to invest in crypto.
JPMorgan clients now reportedly have access to Grayscale Investments’ Bitcoin Trust (GBTC), Bitcoin Cash Trust (BCHG), Ethereum Trust (ETHE), and Ethereum Classic Trust (ETCG), as well as Osprey Funds’ over-the-counter Bitcoin Trust, OBTC. Investors can reportedly request advisors execute crypto trades, but the bank’s advisors may not be allowed to recommend crypto investments.
This story is developing and will be updated.