JPMorgan now allows its financial advisors to give retail clients access to cryptocurrency funds, Business Insider has learned, citing a source familiar with the matter.
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From now on, advisors can take orders to buy or sell five crypto-focused products. Four of them are from Grayscale Investments (GBTC, BCHG, ETHE, ETCG) and one from Osprey Funds (OBTC), the source added.
The bank's greenlight applies to all JPMorgan's clients seeking investment advice, including the ones using Chase trading app. However, the bank's clients can only invest in cryptocurrencies indirectly through their JPM accounts. Moreover, JPMorgan's advisors can execute only "unsolicited" trades. This means advisors cannot recommend the crypto-related products.
In early June, analysts at JPMorgan warned that bitcoin's (EXANTE: Bitcoin) longer-term signal "remains problematic." The bank's analysts noted earlier that the failure of bitcoin to rise above the $60,000 mark would see "momentum signals turn mechanically more bearish."
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