Investing.com – JPMorgan (NYSE:JPM) is preparing to launch an actively managed Bitcoin fund in what would be one of the unlikeliest embraces of the cryptocurrency, according to a crypto industry publication.
The fund will be for private wealth clients and could roll out this summer, a report by CoinDesk said.
The bank’s investment banking business issued its first crypto-adjacent investment product in March, a structured note tied to the performance of Bitcoin proxy stocks.
The new product will be its first directly tied to Bitcoin’s performance, CoinDesk said.
The move is a sharp departure for the Wall Street giant. CEO Jamie Dimon, whose words carry a lot of weight not just in the U.S. banking industry but outside as well, had called it a “dangerous fraud” in 2017 and had warned that the bank would fire any trader found dealing in Bitcoin or other cryptocurrencies. Read more…..
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