JPMorgan is undergoing the process of offering an actively managed bitcoin fund to its private wealth clients for the first time, CoinDesk reported on Monday. The fund could initiate as soon as the summer of 2021, the report revealed. The crypto-based financial services company NYDIG is said to be the bank’s custody provider.
In actively managed funds, the money managers supervise specific decisions about how the fund’s investments are carried out. JPMorgan, the biggest US investment bank by assets, has, over the years, slowly changed its position on cryptocurrencies after labeling them as fraudulent in the beginning a few years ago.
The development comes as Bitcoin continues to slide in value and recovering from time to time.
Source: Business Insider
