Major U.S. investment bank JPMorgan Chase is reportedly allowing advisers 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 the digital space said all JPMorgan clients seeking investment advice — including those managed by financial advisers, retail investors using its trading app and clients serviced by the private bank — would have the opportunity to invest in crypto.
JPMorgan clients now reportedly have access to the Grayscale Investments’ Grayscale Bitcoin Trust, Bitcoin Cash Trust, Ethereum Trust and Ethereum Classic Trust, as well as Osprey Funds’ over-the-counter Bitcoin trust, Osprey Bitcoin Trust. Investors may request advisers execute crypto trades, but the bank’s advisers may not be allowed to recommend crypto investments.
Related: Institutions have no appetite for Bitcoin at this price level: JPMorgan
The move follows a report that a large number of JPMorgan clients see cryptocurrencies, including Bitcoin (BTC), as an asset class. The company’s director of asset and wealth management, Mary Callahan Erdoes, said at the time that the bank would allow clients to “put their money where they want to invest,” purportedly including crypto.
JPMorgan has had a complicated relationship with crypto since its creation. In 2017, CEO Jamie Dimon referred to Bitcoin as “fraud.” However, recent reports have suggested that the company is allowing its clients more exposure to the space and is adopting blockchain solutions.
Related: Bitcoin short-term setup is challenging, JPMorgan strategists warn
In March, the bank said it had designed a new debt instrument that provides investors direct exposure to a basket of crypto-focused companies, including business intelligence firm MicroStrategy. In addition, the company recently posted that it would be hiring for positions focusing on blockchain technology, including software developers, engineers, marketers and auditors.
After dipping below $30,000 for the first time since January earlier this week, the price of Bitcoin has since risen to $32,322 at the time of publication.