Banking giant JPMorgan Chase plans to launch an actively managed Bitcoin fund for a limited group of clients, CoinDesk has reported citing sources.
NYDIG will be responsible for the custody of the assets of the fund, which could be launched already this summer. It will be actively managed by the bank, which distinguishes it from other existing offerings, including Pantera Capital and Galaxy Digital. These firms buy and hold Bitcoins for the benefit of clients, but do not take any other actions.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.
According to sources, the product will be for private wealth clients. Galaxy and NYDIG also offer Bitcoin funds to Morgan Stanley bank clients.
JPMorgan co-president and chief operating officer Daniel Pinto announced in February the bank was ready to offer its clients the possibility of investing in Bitcoins when demand was sufficient.