JPMorgan on the verge of offering its first bitcoin fund

Written by Ahsan Zafeer ·  39 sec read >

JPMorgan is undergoing the process of offering an actively managed bitcoin fund to its private wealth clients for the first time, CoinDesk reported on Monday. The fund could initiate as soon as the summer of 2021, the report revealed. The crypto-based financial services company NYDIG is said to be the bank’s custody provider.

In actively managed funds, the money managers supervise specific decisions about how the fund’s investments are carried out.  JPMorgan, the biggest US investment bank by assets, has, over the years, slowly changed its position on cryptocurrencies after labeling them as fraudulent in the beginning a few years ago.

CEO Jamie Dimon has been particularly dismissive of crypto and, in a 2018 interview, even went on to say that he doesn’t “really give a s–t” about it. However, with the shift in trends, the bank now consistently publishes research reports detailing insights relating to Bitcoin among other cryptocurrencies.
The development comes as Bitcoin continues to slide in value and recovering from time to time.
Source: Business Insider
Written by Ahsan Zafeer
A digital marketing professional specializing in content-based functional areas - Ahsan Zafeer is driven by a never-ending passion for developing, nurturing, and strategizing key content aspects. He writes extensively on tech, digital marketing, SEO, cybersecurity, and emerging technologies. He also serves as a digital marketing strategist and freelance consultant for globally oriented organizations. He tweets @AhsanZafeer Profile