JPMorgan Chase Bank has announced that it now gives all its asset management clients access to cryptographic assets.

In an internal memorandum written last week on July 19, the bank announced to its advisors to buy and sell orders from asset management clients for cryptographic products.

JPMorgan’s treasury advisors can now accept orders to buy and sell up to five cryptocurrency products, including Grayscale’s Bitcoin Trust, Ethereum Trust, Bitcoin Cash Trust, Ethereum Classic Products, and Osprey Funds.

The new encryption offering applies to all JPMorgan clients seeking investment advice, including self-directed clients using the Chase fee-free trading application, very rich clients served by the company’s private bank, and wealthy mass clients whose assets are managed as JPMorgan advisors.

The change in JPMorgan makes it the first major bank to expand cryptocurrency trading beyond very wealthy clients.

Advisors are not allowed to recommend cryptocurrency products to clients, but only buy and sell at the request of clients (clients must request encryption).

Mary Callahan Erdoes, CEO of JPMorgan Asset & Wealth Management, discussed the development. He acknowledged that many of its wealth management and asset management clients think cryptography is an asset class and wants to invest.

“Many of our clients say it’s an asset class, and I want to invest. Our job is to help them invest their money where they want to invest, ”Erdoes said.

Meanwhile, JP Morgan’s top management revealed that the company intends to renting Reuters on Thursday said more than 500 financial advisers will serve their fee clients for five to seven years.

Versatile investment

On April 28, JPMorgan announced its desire to immerse its toes in cryptographic water and launch a Bitcoin service for customers. During that time, the bank went ahead and only allowable its private equity clients to invest in an actively managed Bitcoin fund, and the NYDIG cryptographic firm provides custody services.

Meanwhile, JPMorgan’s interest in encryption is a big surprise, as CEO Jamie Dimon has consistently shown that Bitcoin isn’t his cup of tea. In May, Dimon returned into the limelight when he advised people to “stay away” from cryptographic products. However, he said: “That doesn’t mean customers don’t want it … I’m not telling people how to spend money, no matter how I personally approach something.”

JPMorgan’s current efforts to expand access to cryptocurrency products for all of its customers come at a time when private investors are gaining interest in the cryptographic product market, especially as Bitcoin hit $ 65,654 in April. Despite market deflation with Bitcoin, which is currently trading at $ 32,263, retail demand for exposure to an unstable asset class as a portfolio diversifier or custodian remains strong.

Image source: Shutterstock

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