In a recently published report, it was revealed that JPMorgan Chase is all set to launch an actively managed Bitcoin fund and proves that it is embracing digital assets. As published in the report, the bank might launch the Bitcoin fund as early as this summer.
JPMorgan Chase to Launch a Bitcoin Fund
As of now, nothing has been officially announced by the Wall Street giant, however, it has been revealed by some sources of the publication that the bank might launch the fund as soon as this summer.
Moreover, the report outlined that the lender is going to partner with NYDIG for its crypto custodial needs.
Provided the rude criticism of Jamie Dimon, the CEO of JPMorgan Chase on Bitcoin, this is a massive turnaround on the part of the bank. Initially, Jamie went too far and called the digital currency a complete fraud, however, he lowered his tone for criticizing over the years.
Calling Bitcoin ‘not his cup of tea’ Dimon pointed towards the inevitable regulatory backlash on the space.
This sudden and direct affectation of Bitcoin by JPMorgan Chase shows the rising interest of institutional investors in cryptocurrencies and particularly Bitcoin. However, it has been revealed that the fund going to be issued by the bank will only be made available to the private investors.
Morgan Stanley and Bitcoin Funds
While JPMorgan is getting ready to launch a Bitcoin fund, its rival, Morgan Stanley is already offering three Bitcoin funds to its rich client base.
However, it should be noticed that the fund offered by Morgan Stanley bank is not actively managed.
In contrast to the fact that Dimn was harsh on Bitcoin, the bank kept on posting a bullish outlook on the cryptocurrency.
Also, it should be noticed that JPMorgan Chase is heavily invested in Blockchain Technology and is testing JPM Coin for internal transaction settlement.