JPMorgan Allows Retail Users To Invest In Crypto “Indirectly”

JPMorgan Chase & Co. is permitting its wealth management customers to invest in a couple of digital asset funds, including Grayscale Bitcoin Trust (GBTC).

The investment bank will also assist retail clients to invest in Bitcoin Cash Trust, Grayscale Bitcoin Trust, Grayscale’s Ethereum Trust, Ethereum Classic Trust as well as Osprey Bitcoin Trust via their brokerage accounts, as per a report published by Business Insider. Notably, the Grayscale products are issued by Grayscale, a subsidiary of Digital Currency Group (DCG).

The aforementioned development gives a broad array of JPMorgan clients easy entrance to indirect digital asset investing. These clients include those plugged into the commission-free trading app – Chase. Trust products from Osprey and Grayscale are “price exposure” vehicles that sidestep custody issues. Nevertheless, these clients cannot invest in virtual currencies directly through their JP Morgan accounts.

As per Business Insider, advisers are restricted from asking for orders in the digital currency funds. They cannot make purchase or sell recommendations for their clients.

Notably, in the month of April, JPMorgan was preparing to launch a BTC fund for its private bank clients.