Banking giant firm JPMorgan is now ready to get into crypto space through the launch of Bitcoin funds in their services. They aimed to bring Bitcoin Investment available for all wealthy investors.
JPMorgan & Wells Fargo planned to launch Bitcoin Funds. And they filed to get approval with the SEC.
According to the filing to the SEC information, JPMorgan will receive placement and servicing to refer their clients to the NYDIG.
NYDIG is a subsidiary of Stone Ridge Asset Management. The main work of NYDIG is to provide financial & Bitcoin-focussed based technology services to the companies.
JPMorgan & Wells Fargo planned to bring the Bitcoin ETF under the partnership with the NYDIG. All these will use their services and support for each other to bring a better ecosystem for the investors at a better level.
NYDIG will issue funds for the investors and JPMorgan will give their services for the placement & referring to the NYDIG and they will generate revenue for their services.
In April, JPMorgan stated that they will bring Bitcoin based Bitcoin funds Investment option for the institutional investors. And also in July, they stated that they will bring Bitcoin & other crypto related funds so that all the institutional investors can get the opportunity to Invest in crypto.
Here it should be noticed that the step of JPMorgan is in contrast to the statement of CEO Jamie Dimon. In 2017, Jamie said that Blockchain is real but Bitcoin is fraud.