Leaks reveal when JPMorgan will allow its users to invest in a bitcoin fund
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Answer Leaks reveal when JPMorgan will allow its users to invest in a bitcoin fund
JPMorgan Chase Bank is one of the giant names in the global financial arena.
According to informed sources, CoinDesk revealed that the JPMorgan Bitcoin Fund may be launched as soon as this summer.
NYDIG will act as the custody provider for JPMorgan.
According to the same source, the JPMorgan bitcoin fund will be actively managed, unlike other companies such as Pantera Capital and Galaxy Digital that allow wealthy customers to buy and hold bitcoin through the funds without controlling them themselves.
The same source also reported that the JPMorgan fund will be for private wealth clients.
The move toward bitcoin represents a sharp turn for the bank, which manages $3 trillion in assets.
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Earlier, JPMorgan CEO Jamie Dimon described bitcoin as a serious scam in 2017.
Despite disdain for its personal cryptocurrency CEO, senior representatives in the corporate and investment banking division acknowledged in February that a customer’s demand for bitcoin could force the institution to change its view of bitcoin.
JPMorgan’s massive investment, commercial banking, and wealth management divisions have gradually evolved in their handling of cryptocurrency and blockchain, even if the bitcoin fund that will be offered to users is new.
The bank’s research analysts regularly release market insights into the bitcoin price and prospects in reports available to clients.
The company’s Onyx division seeks to speed up interbank payments via blockchain technology and JPM Coin, for example.
After five years of quiet development, Onyx is launching a global recruitment drive for blockchain engineers.
The new JPMorgan fund product will be the bank’s first product to directly depend on the performance of Bitcoin.
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