Wells Fargo, an American multinational financial services company with corporate, is now offering its wealthy clients exposure to Bitcoin and cryptocurrencies through the bank.
According to a recent media report, a spokesperson from Wells Fargo said that High-net-worth clients of the financial institution can now get exposure to Bitcoin (BTC) and other cryptocurrencies. With this move, Wells Fargo has joined the growing list of traditional financial institutions that are offering crypto investment opportunities to their clients.
But the report does not make clear that how will Wells Fargo’s clients get exposure to Bitcoin and other crypto assets, whether it is through outright purchasing Bitcoin or through a second order of price exposure, such as Grayscale Bitcoin. The report also does not tell which crypto assets, other than Bitcoin, will be available for investment.
This move did not come as surprise as in May 2021, investment-research division of Wells Fargo Wealth and Investment Management arm, managing about $2 trillion in assets, reported that it had been working for months to evaluate and onboard an actively managed cryptocurrency strategy to its platform for qualified investors.
Bitcoin and crypto investment products were expected to be launched in the middle of the June. But after the delay of one and half months, Wells Fargo qualified clients can now invest in Bitcoin and other yet to be disclosed cryptocurrencies.
The move by Wells Fargo has come in just less than two weeks after JP Morgan Chase, an American multinational investment bank, announced that its clients could get exposure five crypto assets. As Crypto Economy reported, starting from July 19th, 2021, JPMorgan allowed its advisors to take buy and sell orders from retails wealth clients for five crypto funds. Four of these crypto funds are powered by leading digital asset manager Grayscale Investments and one from Osprey Funds.
These funds provide exposure to four crypto asset that include Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Ethereum Classic (ETC) not only to wealthy institutional JP Morgan’s clients, but also to retail wealth clients.
Institutional adoption of cryptocurrencies, especially of Bitcoin is growing. As reported, in March 2021, one of the largest financial institutions in the United States managing over $4 trillion of assets, allowed its wealthy institutional client, with at least $5 million in stake with the bank, access to three crypto funds.
If you found this article interesting, here you can find more Bitcoin news