JPMorgan to give all wealth clients access to crypto funds – Business Insider

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(Reuters) -JPMorgan Chase & Co will allow all of its wealth management clients access to cryptocurrency funds, Business Insider reported on Thursday, citing sources.

© Reuters/Lucy Nicholson FILE PHOTO: The logo of Dow Jones Industrial Average stock market index listed company JPMorgan Chase (JPM) is seen in Los Angeles

The bank told its financial advisers in a memo earlier this week to take buy and sell orders from its wealth management clients for five cryptocurrency products effective July 19, the report said. https://bit.ly/2WeyK7X

Four of such products are from Grayscale Investments and one from Osprey Funds, according to the report.

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JPMorgan declined to comment on the report.

Its advisers are allowed to execute only “unsolicited” crypto trades, Business Insider said, adding that advisors cannot recommend products but only buy and sell on behalf of clients’ request.

The report said JPMorgan’s move applies to all clients looking for investment advice, including the ones who use its Chase trading app, besides ultra-rich clients and those whose assets are managed by JPMorgan Advisors.

© Reuters/DADO RUVIC FILE PHOTO: Representations of cryptocurrencies Bitcoin, Ethereum, DogeCoin, Ripple, Litecoin are placed on PC motherboard in this illustration taken

(Reporting by Sohini Podder in Bengaluru and Elizabeth Dilts Marshall in New York; Editing by Aditya Soni and Maju Samuel)

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