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

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

NYDIG is a Bitcoin-focused technology and financial services company that is a subsidiary of Stone Ridge Asset Management, an investment management firm.

According to SEC papers, Wells Fargo is planning to develop a Bitcoin fund in collaboration with the NYDIG. When consumers are referred to NYDIG, the fund's issuer, the bank will get placement and servicing fees.

According to an SEC filing, JP Morgan is also partnering with the crypto titan for a new Bitcoin fund. JP Morgan will earn servicing and placement fees for bringing clients to NYDIG, which will function as the fund's issuer.

JPMorgan said in July that all wealth management clients would be able to access Bitcoin and other cryptocurrency funds. In April, the firm announced that it would begin selling Bitcoin investments to its high-net-worth clients, with custodial services provided by NYDIG.

JPMorgan's increasing embrace of Bitcoin contrasts with what CEO Jamie Dimon has said about Bitcoin and cryptocurrency in the past. In 2017, Dimon called Bitcoin a "fraud" and said it was "worse than tulip bulbs," but he did say that "blockchain is real."


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