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JPMorgan, Wells Fargo Move To Launch Bitcoin Funds in Collaboration With Crypto Giant NYDIG

Banking titans JPMorgan and Wells Fargo are gearing as much as launch new Bitcoin funds in collaboration with crypto big New York Digital Investment Group (NYDIG), in response to filings with the U.S. Securities and Exchange Commission (SEC).

NYDIG is a Bitcoin-focused expertise and monetary providers firm and subsidiary of funding administration firm Stone Ridge Asset Management.

SEC paperwork present that Wells Fargo is on the transfer to launch a Bitcoin fund in partnership with the NYDIG. The banking big will obtain placement and servicing charges as they refer shoppers to NYDIG, which is the fund’s issuer.

JP Morgan can also be teaming up with the crypto big for a brand new Bitcoin fund, in response to an SEC submitting. The NYDIG will act because the fund’s issuer, and JP Morgan will earn servicing and placement charges for referring shoppers to NYDIG.

In July, JPMorgan introduced it might be permitting all wealth administration shoppers to access Bitcoin and different crypto-focused funds. In April, the corporate announced that it might offer Bitcoin investments to its rich shoppers, additionally utilizing NYDIG for custodial providers.

JPMorgan’s gradual embrace of Bitcoin stands in distinction to what CEO Jamie Dimon has mentioned in the previous about Bitcoin and crypto. In 2017, Dimon referred to Bitcoin as a “fraud” and “worse than tulip bulbs,” although he did say that “blockchain is actual.”

At time of writing, Bitcoin is buying and selling at $50,112 according to CoinGecko.

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Featured Image: Shutterstock/Mihai_Andritoiu

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