Wall Street is inching ever closer to welcoming Bitcoin with open arms. Prices for the cryptocurrency giant continue to rise, which is making more and more financial experts pay attention. JPMorgan Chase & Co. is the latest to make a move toward offering a Bitcoin investment fund.
JPMorgan Chase has not officially announced the fund. However, sources have revealed that it will be an actively managed fund made available by the summer of 2021. New York Digital Investment Group, more familiarly known as NYDIG, will be the custody provider.
Though JPMorgan is remaining mum on their Bitcoin plans, there have already been signs that the investment banking company is interested in the future of cryptocurrency. In 2019, the financial house launched JPM Coin, which uses blockchain technology for instantaneous payments. JPMorgan also added Coinbase Inc. and Gemini Trust Co. as banking clients last summer.
This is not the only major financial firm to offer Bitcoin investments to clients. Morgan Stanley is also making the move into Bitcoin investment. In an internal memo to clients, Morgan Stanley stated they would be opening three funds that provide the opportunity to invest in Bitcoin.
There is no word yet on the limits JPMorgan will set on its Bitcoin fund. If they follow in the footsteps of Morgan Stanley, it will only be available to those who have at least $2 million dollars of investments already tied to the firm.