JPMorgan Chase has begun offering Bitcoin fund investments to its Private Bank clients. For the first time, information about a possible launch of the fund appeared in April.
According to Coindesk, citing two sources familiar with the situation, investment bank JPMorgan Chase is starting to look for clients for a passively managed Bitcoin fund. The NYDIG platform will act as the custodian, and access to the product is now being offered to the clients of the Private Bank division.
According to sources, the money of the bank’s clients has not yet been invested in the Bitcoin fund, but the situation may soon change. This week, the bank’s specialists began to prepare the relevant documents for the launch of the product. JPMorgan declined to comment.
The bitcoin investment fund, which plans to launch for the first time became known in April, is being marketed by JPMorgan as the safest and cheapest investment vehicle for BTC available on private markets.
The private fund will act as a convenient transition mechanism to bitcoin ETFs once the long-awaited product is approved for launch by the US Securities and Exchange Commission (SEC), the source said.
JPMorgan has yet to apply to launch Bitcoin ETFs with the SEC, but many other companies are awaiting regulatory approval for their products. For example, the SEC is currently reviewing a Bitcoin ETF application filed by NYDIG.
As a reminder, investment bank JPMorgan recently provided retail clients with access to Grayscale Investments crypto funds based on BTC, BCH, ETH and ETC, as well as the Osprey Funds Bitcoin Trust.
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