FILE PHOTO: FILE PHOTO: The emblem of Dow Jones Industrial Common inventory market index listed firm JPMorgan Chase (JPM) is seen in Los Angeles, California, United States, on this October 12, 2010 file photograph. JPMorgan Chase & Co. owns Chase Commerical Financial institution and JPMorgan Funding Financial institution. REUTERS/Lucy Nicholson
July 22, 2021
(Reuters) -JPMorgan Chase & Co will permit all of its wealth administration shoppers entry to cryptocurrency funds, Enterprise Insider reported on Thursday, citing sources.
The financial institution informed its monetary advisers in a memo earlier this week to take purchase and promote orders from its wealth administration shoppers for 5 cryptocurrency merchandise efficient July 19, the report stated. https://bit.ly/2WeyK7X
4 of such merchandise are from Grayscale Investments and one from Osprey Funds, in accordance with the report.
JPMorgan declined to touch upon the report.
Its advisers are allowed to execute solely “unsolicited” crypto trades, Enterprise Insider stated, including that advisors can not suggest merchandise however solely purchase and promote on behalf of shoppers’ request.
The report stated JPMorgan’s transfer applies to all shoppers on the lookout for funding recommendation, together with those who use its Chase buying and selling app, apart from ultra-rich shoppers and people whose property are managed by JPMorgan Advisors.
(Reporting by Sohini Podder in Bengaluru and Elizabeth Dilts Marshall in New York; Enhancing by Aditya Soni and Maju Samuel)