JPMorgan Chase will debut an actively managed Bitcoin fund this summer, making the giant bank the latest Wall Street powerhouse to embrace cryptocurrencies.
The plans for the fund, first reported by CoinDesk, include using Institutional bitcoin shop NYDIG as JPMorgan’s custody provider.
Access to the fund will be limited to the bank’s private wealth clients.
News of the fund comes just days after rival bank Morgan Stanley confirmed that it was offering Bitcoin investment opportunities to wealthy clients, as reported earlier.
JPMorgan is a bit of a pioneer in the crypto space compared to other Wall Street giants. The bank added Bitcoin exchanges Coinbase. and Gemini Trust Co. as banking clients last year. JPMorgan also uses crypto to speed up corporate payments, launching JPM Coin in 2019, according to Bloomberg News.