On 19 July, JPMorgan allegedly allowed financial advisers to hold bids for the sale and purchase of five digital asset products. The offer applies to all clients, including users of the Chase app, according to the publication's interlocutor.
Employees of the financial holding company cannot recommend cryptocurrency-based investment products, but are allowed to conduct related transactions at the request of clients. JPMorgan was the first major bank to offer this capability.
In May 2021, Jamie Dimon, the head of the organisation, acknowledged that the consumers served by the bank were interested in the first cryptocurrency. He stressed that he himself remains sceptical about digital gold.
Competing financial industry players, including Goldman Sachs, Morgan Stanley and Bank of America, have not yet opened up retail customers to direct access to cryptocurrency-based products.
In April, Morgan Stanley allowed accredited investors with at least $2 million in capital to invest in crypto-bank Galaxy Digital funds.
In June, asset managers New York Digital Investment Group and FS Investments applied to the US Securities and Exchange Commission to register a bitcoin fund for Morgan Stanley clients.
As a reminder, JPMorgan has opened 84 blockchain-related jobs. Many of them involve employment in the Onyx division, which is behind the development of JPM Coin's steblycoin.
Bitcoin Cash Wallet is a decentralized cryptocurrency, implying it is secure digital cash managed by a network of users. Transactions are confirmed by distributed consensus and then immutably recorded on the blockchain.