JPMorgan Chase has quietly opened access to six crypto funds over the past three weeks to provide crypto exposure to a wide variety of clients.
In the most recent step, the bank’s private customers will now have access to a new Bitcoin fund created by the crypto investment firm New York Digital Investment Group (NYDIG).
NYDIG is owned by Stone Ridge Asset Management and the Stone Ridge Bitcoin Strategy Fund provides exposure to Bitcoin through futures markets.
The NYDIG fund is in addition to five crypto funds the bank opened access to last month: Grayscale Bitcoin Trust, Bitcoin Cash Trust, Ethereum Trust and Ethereum Classic Trust by Grayscale Investments, as well as the Osprey Bitcoin Trust.
While the traditional financial institution has made a giant leap by offering crypto exposure across six different funds, it is reportedly taking a cautious approach in offering its new digital asset services.
According to unnamed sources cited by Business Insider, JPMorgan advisors are not allowed to openly promote the crypto funds and can only conduct the transactions at the client’s request.
The Grayscale and Osprey funds are open to all users of their various wealth management platforms including the self-directed Chase trading app, while the NYDIG funds are only available to private banking clients.
Related: US megabank JPMorgan is hiring more blockchain talent
The investment banking giant has a complicated history with cryptocurrencies after CEO Jamie Dimon described Bitcoin as a scam back in 2017.
Goldman Sachs analysts appear to be facing some of the same issues, although the company is actively working to offer exposure to the sector.
In June, Jeff Currie, global director of commodities research at Goldman Sachs, described Bitcoin as a “risk-taking” asset, similar to copper. That same month, analysts at the bank released a crypto report that concluded that Bitcoin is not a “long-term store of value or investable asset class.”
Goldman Sachs currently offers crypto services through a derivatives trading desk and a Bitcoin futures trading platform that was launched last month. The company also applied for a type of DeFi-based ETF in late July.