- JPMorgan will soon launch its first Bitcoin fund for its clients and customers.
- The company aims to launch the BTC fund during the 2021 Summer.
- NYDIG will serve as a custodian for the Bitcoin fund.
Financial services giant, JPMorgan, is in the process of launching its first Bitcoin fund due this summer (2021). Of note, JPMorgan aims to launch the Bitcoin fund specifically for its private wealth clients and individual customers.
However, this move represents a sharp pivot for the bank as it embarks on helping its clients and customers to now invest in the flagship crypto, Bitcoin.
When this happens, crypto-focused fintech service company NYDIG will serve as the main custody provider for the Bitcoin fund. Based on a report, after the upcoming BTC fund launch, JPMorgan will become the biggest bank in the US officially working with Bitcoin.
Also, the Bitcoin fund will be actively managed. This means that the fund managers are going to monitor and control everything about the BTC fund investment. Thus, the bank will ensure that the fund will be delivered smoothly.
Prior, JPMorgan Chase CEO Jamie Dimon called Bitcoin a fraud asset in 2017. He even told traders that “if you’re stupid enough to buy it, you’ll pay the price for it one day”.
On the other hand, JPMorgan analysts recently advised their clients on Bitcoin investments. Specifically, the analysts advised clients to move about 1% of their investment portfolio into Bitcoin and other digital assets.
At the time of writing, Bitcoin price is $53,820.52 with a 24-hour trading volume of $28,584,281,313 according to Coingecko.