Wall Street giant JPMorgan has opened the access to cryptocurrency funds to all its wealth management clients. It became the first U.S. big bank to give retail clients access to Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Ethereum Classic (ETC).
Starting from July 19, JP Morgan Advisors in JPMorgan’s $630 billion wealth management division are able to trade crypto products. Their clients can now invest in five crypto products including Grayscale’s Bitcoin Trust (GBTC), Bitcoin Cash Trust, Ethereum Trust, Ethereum Classic products, and Osprey Funds’ Bitcoin Trust.
At the time of writing (23 Jul, 11:08 AM, GMT+8), Bitcoin is trading at $32,655.29, up 2.3% in the previous 24 hours. Ethereum is trading at $2,068.80, up 5%.
According to Business Insider, it applies to all JPMorgan clients including the self-directed clients using its commission-free Chase trading app. Advisors are not allowed to recommend crypto products to clients, and the clients must ask to make crypto trades.
Crypto funds Grayscale and Osprey allow investors to have a stake in the crypto world by letting them buy shares that track the price of assets like Bitcoin and Ethereum.
Bitcoin ATMs Enter Circle K Convenience Stores
The market expects other Wall Street banks follow suit. This March, Morgan Stanley allowed ultra-wealthy investors to gain Bitcoin exposure via the Galaxy Bitcoin Fund LP, among other funds.
The largest Bitcoin ATM operator in the world is expanding its crypto ATM network in Circle K locations in the United States and Canada. It now has an extensive network of bitcoin ATMs with over 3,000 units.
Convenience store chain Circle K has partnered with Bitcoin Depot to deploy more Bitcoin ATMs. The crypto ATM company has installed over 700 Bitcoin ATMs in Circle K convenience stores in the U.S. and Canada. Bitcoin Depot plans to install ATMs at thousands of Circle K locations, targeting 6,000 ATMs across North America within 2021.
“We’re thrilled to create a long-term, strategic partnership with Circle K,” said Bitcoin Depot CEO Brandon Mintz. This will enable people to conveniently purchase Bitcoin at their local neighborhood Circle K, offering an important on-ramp option.
“Circle K understands that cryptocurrency will be a growing part of the future economy and payments landscape. By adding Bitcoin ATMs to the company’s stores, Circle K can attract new customers to their stores, offer financial access to underserved communities, and set themselves apart from other retailers with this new technology.”
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