JPMorgan's retail clients can now invest indirectly in cryptocurrencies

JPMorgan Chase & Co. is allowing its wealth management clients to invest in some cryptocurrency funds, including the Grayscale Bitcoin Trust (GBTC), a source told CoinDesk.
The massive bank will also help retail clients invest in GBTC, Grayscale’s Ethereum Trust, Bitcoin Cash Trust, Ethereum Classic Trust and Osprey Bitcoin Trust through their brokerage accounts, as first reported by Business Insider. Grayscale products are issued by Grayscale, a subsidiary of CoinDesk’s parent company Digital Currency Group.
The move gives JPMorgan’s broad client base — including those plugged into the commission-free Chase trading app — easy access to indirect cryptocurrency exposure. Trust products from Grayscale and Osprey are “price exposure” vehicles that sidestep custody issues. However, these clients cannot invest directly in cryptocurrencies through their JPMorgan accounts.
According to Business Insider, advisors are prohibited from soliciting orders in cryptocurrency funds. They cannot make buy or sell recommendations for clients.
In April, CoinDesk reported that JPMorgan Chase was preparing to launch a Bitcoin (BTC, +2.22%) fund for its private banking clients. (CoinDesk)