Traditional banks have been the marker for cryptocurrency adoption and every positive step from their side has a direct impact on the whole of the digital assets world. JPMorgan, one of the world’s largest banks and a major player in the cryptocurrency space transformed their interest into genuine contribution with the launch of a native Bitcoin fund.
According to the reports, the private bank will give its clients an in-house option to enter the cryptocurrency market and learn the ropes. The fund will be offered in partnership with NYDIG, a major player in the Bitcoin ecosystem. Reports claimed that the fund has no direct investment from clients now but that situation could change in the coming weeks.
JPMorgan sources also added that the fund will be integrated easily into the system once regulatory approval is sanctioned. The Securities and Exchange Commission [SEC] is in charge of the check and once the green signal is given, JPMorgan clients can utilize the fund’s functionalities. Some have even called the fund one of the “safest and cheapest Bitcoin investment vehicles available on private markets”.
As of now, the bank still needs a sanction from the SEC for a Bitcoin ETF launch. US-based Grayscale was one of the few other companies with an ETF bid waiting to be sanctioned. All of JPMorgan’s Bitcoin exploits comes on the back of critical comments from its CEO, Jamie Dimon. Just earlier this year he had stated that he does not support Bitcoin and “does not really care about it”. He further commented:
“It’s worse than tulip bulbs. It won’t end well. Someone is going to get killed. It’s just not a real thing, eventually, it will be closed.”