JPMorgan’s Retail Customers Can Now Tap Crypto – Just Not Directly
JPMorgan Chase & Co. is allowing its wealth management clients to invest in a selection of crypto funds, including Grayscale Bitcoin Trust (GBTC), a source told CoinDesk.
The mega-bank will also help retail clients invest in GBTC, Grayscale’s Ethereum Trust, Bitcoin Cash Trust, Ethereum Classic Trust as well as Osprey Bitcoin Trust through their brokerage accounts, as Business Insider first reported. The Grayscale products are issued by Grayscale, a subsidiary of CoinDesk parent company Digital Currency Group.
The move gives a wide array of JPMorgan clients – including those plugged into the commission-free Chase trading app – easy access to indirect crypto investing. Trust products from Grayscale and Osprey are “price exposure” vehicles that sidestep custody headaches. These clients, however, cannot invest in crypto directly through their JPM accounts.
Advisers are prohibited from soliciting orders in the crypto funds, Business Insider reported. They cannot make buy or sell recommendations for their clients.
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